The banking giants’ MPF products are also rated ‘Gold’ for the 4th consecutive year.
MPF Ratings, a leading independent Mandatory Provident Fund (MPF) research group, today announced MPF Scheme sponsors, HSBC Group (including both HSBC MPF and Hang Seng MPF), as their 2020 Good Governance award winner. The Good Governance award is part of MPF Ratings’ annual assessment of all MPF Schemes and is awarded to the Scheme demonstrating the highest level of business and operational integrity to protect their customer’s best interests.
According to Francis Chung (叢川普), Chairman of MPF Ratings, HSBC and Hang Seng’s commitment to good governance not only benefits their own customers, but also may extend the benefit to all MPF members in Hong Kong. He points out, “The combined HSBC and Hang Seng entity is the MPF industry leader. In any industry there’s an expectation on leaders to set high standards. In the case of MPF, Good Governance is about ensuring members’ interest comes first, and if followed by the industry, all MPF members will ultimately benefit.”
In addition to being awarded the 2020 Good Governance award, both HSBC and Hang Seng’s MPF schemes were also rated ‘Gold’ for a 4th consecutive year. ‘Gold’ is MPF Ratings’ highest rating and is only awarded to MPF schemes demonstrating the best relative value for money for MPF members across a number of criteria, including but not limited to good fund performance and competitive fees.
Alfred Yip (葉士奇), Head of Pensions for HSBC Hong Kong was thrilled that their work had been independently recognized, pointing out, “Over the past couple of years, HSBC MPF has been committed to improving value for our customers – we’ve lowered fees, enhanced fund performance and improving our digital services. Through both MPF Ratings’ Good Governance award and our 4th consecutive ‘Gold’ rating, I trust that our customers will continue to have faith in us looking after their retirement dreams.”