MPF providers fear power grab

Frustration with Hong KongÆs regulators is prompting a new cross-industry lobbying effort.
Upcoming changes to Hong Kong regulation has sparked fears among service providers that the Mandatory Provident Fund Schemes Authority MPFA is extending its power at the expense of the investment management industry and the market. Leading banks, insurance companies and fund managers have long complained MPFA is deaf to their concerns, and they are trying to find new ways perhaps even an ultimatum to leave the business to counter what they see as excessive regulation.

First, the amendment. It has been a long-publicized fact that the rules governing MPF would need a lot of tweaking. The US 401k market is so successful because it has been modified over the years in a trial-and-error...

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