HSBC fined record US$3 million for use of ‘unauthorised’ agents in MPF recruitment scheme

By Jerry  Published On July 11, 2024
HSBC, Hong Kong’s biggest lender, has been hit with a record fine of HK$24 million (US$3 million) by the pensions regulator for offering incentives to “unauthorised intermediaries” to get corporate clients to join its Mandatory Provident Fund (MPF) scheme in 2020 and 2021.

The Mandatory Provident Fund Schemes Authority (MPFA) said it has reprimanded and disqualified the lender’s former head of pensions, Alfred Yip Sze-ki, from taking a senior executive role at any MPF operator for 18 months.

Source: TRADE FINANCE


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