Hong Kong's Mandatory Provident Fund Schemes Authority (MPFA) has welcomed a survey by the Consumer Council on the MPF market.
The MPFA has agrees that trustees should reflect the interests of scheme members when handling their contributions.
MPFA’s chief operating officer of the compliance section, Hendena Yu, said: “We take the view that trustees should place contributions pending investment in interest-bearing accounts for the interest of scheme members.”
Yu explained that although some service providers had all along been depositing contributions pending investment in interest-bearing accounts, the majority of the rest are already taking steps to make the same arrangement.
She added that, where necessary, the MPFA may consider introducing amendments to its existing legislation to specify the requirement.
By Janet Du Chenne
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.
Some 56% of defined contribution (DC) asset managers do not believe they will have transaction cost information in time for pension funds' March year-end statements, according to Lane Clark & Peacock (LCP) research.
NEST has appointed Clive Elphick, Martin Turner, Mutaz Qubbaj and Chris Hitchen as trustee members of its reshaped board.
Most people want to avoid investing in projects that contribute to climate change, and would consider moving to another less-exposed provider, according to a survey commissioned by ClientEarth.