bulletEDITOR'S PICKS

 

EEA accused of 'deliberately' withholding information

From Products Oct 22 2014 @ 16:57

EEA has been accused of “deliberately” withholding information after an action group discovered...
view article

Licensed providers and brokers named by UAE regulator

From Middle East Oct 20 2014 @ 12:44

The UAE Insurance Authority has published, for the first time, a full list of companies...
view article


bulletRELATED ARTICLES

 

bulletNEWS

 

LATEST NEWS

Funds start buying into Alibaba

Funds start buying into AlibabaAbout one month after Alibaba's $25bn IPO on the NYSE, the largest in history...
view article

EEA accused of 'deliberately' withholding...

From Products Oct 22 2014 @ 16:57

St James’s Place in profile – Guaranteed...

From Profiles Oct 22 2014 @ 15:39

MORE FROM Asia

LATEST NEWS

UK failing to protect ‘compromised’ finance sector, says WMA

UK failing to protect ‘compromised’ finance sector, says WMAThe UK’s finance industry has been compromised in “numerous ways” by EU reforms...
view article

Record numbers sign up for annual ME Investment...

From Middle East Oct 22 2014 @ 11:56

Pact signed by Standard Life and Commericial...

From Asia Oct 22 2014 @ 09:58

MORE FROM Europe

LATEST NEWS

Hong Kong suspends DBS Vickers broker

Hong Kong suspends DBS Vickers broker Hong Kong's regulators have suspended the licence of a broker formerly at DBS...
view article

Italy to introduce ‘unique’ tax disclosure...

From Europe Oct 21 2014 @ 16:16

Six UK small-cap funds to keep an eye on

From Products Oct 21 2014 @ 16:00

MORE FROM Asia



Mark Battersby

HK financial services secretary ups the pressure to lower MPF fees

From Asia Oct 25 2012 BY: Mark Battersby , Editor , International Adviser

Add to My News Comments (0)

Add to My News Print

Add to My News

add to twitter

add to linkedin


Hong Kong’s Secretary for Financial Services and the Treasury Ceajer Chan Ka-keung has called on the mandatory provident fund scheme providers to cut fees further.

The report, in the Hong Kong Standard, quoted Chan as saying "We will keep a close track of the market, including the change in the fund expense ratios [FERs] of MPF funds."

He added that he strongly believed there was room for further reduction in MPF management fees as the number of MPF funds increases.

Hong Kong’s Consumer Council is also reported to have said that local people pay the highest average management fee, of 1.74%, compared with people in other developed economies, though fees have fallen since 2008 when the figure was 2.1%.

One of the MPF providers, Bank of East Asia (Trustees) is already lining up with lower fees than the average MPF fund. It is to launch next week a new MPF scheme, comprising 10 funds, with fees ranging from 0.6% to 0.99% pa of the net asset value.

The introduction on 1 November of Employee Choice Accounts will enable Hong Kong workers, all of whom participate in the Special Administrative Region’s Mandatory Provident Fund scheme, to begin to be allowed to choose which MPF provider they use.

The idea is that by enabling investors to choose their MPF provider, pressure will be brought to bear on pressure on those MPF providers who over-charge, in addition to forcing them in some cases to improve their investment performance.
 

Add to My News Comments (0)

Add to My News Print

Add to My News

add to twitter

add to linkedin




TAGS: hong kong

COMMENTS


Have your say

(Be the first to) Have your say!

Please sign in or register here to leave a comment. Registration is free and only takes a few moments.






Share us on Twitter

SHARE US ON TWITTER
Join the community

Join us on Linked In

SHARE ON LINKED IN
Inform your colleagues

Switch to our mobile site

SWITCH TO MOBILE SITE
News on the go

Back tot he top of the page

BACK TO TOP OF PAGE
Just click here...