Standardization of eMPF™ Platform vis-à-vis MPF Trustees’ Fiduciary Duties

1. The eMPF Platform (eMPF) adopts a standardized framework for MPF scheme administration work, operational processes and service delivery to enhance efficiency, transparency and consistency across all MPF trustees and schemes to maximize room for administrative fee reduction.
   
   
2. The implementation of such standardization shall not distract or diminish the fiduciary duties owed by MPF trustees to their beneficiaries. MPF trustees must continue to exercise and discharge their fiduciary responsibilities in good faith and with due care, diligence, skills, loyalty and prudence, ensuring that all decisions and actions undertaken, planned and executed put the best interests of the scheme members as the top priority.
   
   
3. In cases where standardized processes are not applicable to certain special and exceptional scenarios, eMPF has in place mechanisms to cater for such situations, ensuring that MPF trustees can uphold and discharge their fiduciary responsibilities under the “Member Interest First” principle.
   
   
4. With reference to the operational experience since the launch of eMPF, MPF trustees will be required by eMPF to consider and make decision regarding the handling of, including but not limited to, the following:
   
   
   • enrolment, contribution, long service payment / severance payment offsetting and/ or withdrawal cases involving complicated scenarios or higher risk (e.g. those relating to anti-money laundering);
   • unusual or suspicious fraudulent activities identified by eMPF when processing user instructions; and
   • cases with special circumstances requiring MPF trustees’ considerations.
     
     

   Such a cautionary procedure serves to, inter alia, safeguard scheme assets and enhance proper administration with a view to protecting scheme members’ interests, which bodes well with the MPF trustees’ fiduciary duties.
   
   

5. Continuous review and engagement with MPF trustees shall be conducted to align standardization efforts with evolving market practices and regulatory expectations.