MPFA takes action over rogue marketing

The Mandatory Provident Fund Schemes Authority has suspended former MPF subsidiary intermediary Angel Yan Yuen-yee of Manulife (International) for two months until April 11, according to a notice on its website.

The MPFA found that Yan had prepared marketing materials for selling an MPF scheme but failed to have them approved before distribution to scheme members.

The MPFA said Yan contravened internal policy and guidelines of Manulife and failed to act honestly, fairly and in the client's best interests.

The case was referred to the MPFA in April 2024 after an investigation by the Insurance Authority.