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2026 Statistics

Key Facts: MPF Intermediaries Qualifying Exam Exam

Official Exam Questions

PEAK & HKSI Regulations

70%

Passing Score

PEAK & HKSI Regulations

2 hours

Exam Duration

PEAK & HKSI Regulations

HK$325

Paper Exam Fee (PPME)

VTC PEAK (1 April 2026)

HK$395

Computer Exam Fee (CSME)

VTC PEAK (1 April 2026)

15 hours

Annual CPD Requirement

MPFA Guidelines (since 2024)

The MPF Schemes / Intermediaries Qualifying Examination is an 80-question, 2-hour MCQ exam administered by VTC PEAK and HKSI. A passing score of 70% is mandatory to register as an MPF intermediary. This practice bank provides 100 high-quality MCQs covering all aspects of the MPF study notes, fully updated for 2026 regulatory changes including the eMPF Platform and the abolition of the MPF offsetting mechanism.

Sample MPF Intermediaries Qualifying Exam Practice Questions

Try these sample questions to test your MPF Intermediaries Qualifying Exam exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under the World Bank's multi-pillar retirement protection framework, which pillar is the Mandatory Provident Fund (MPF) system in Hong Kong categorized under?

A.Pillar 1

B.Pillar 2

C.Pillar 3

D.Pillar 4

Explanation: The World Bank's multi-pillar framework defines Pillar 2 as a mandatory, privately managed, fully funded pension scheme. Hong Kong's MPF system matches this description exactly as it is employment-based, privately managed by approved corporate trustees, and mandatory for eligible employees and self-employed persons.

2Which of the following is the primary piece of legislation governing the establishment, operation, and regulation of the Mandatory Provident Fund system in Hong Kong?

A.The Occupational Retirement Schemes Ordinance (Cap. 426)

B.The Mandatory Provident Fund Schemes Ordinance (Cap. 485)

C.The Securities and Futures Ordinance (Cap. 571)

D.The Insurance Ordinance (Cap. 41)

Explanation: The Mandatory Provident Fund Schemes Ordinance (Cap. 485) is the primary statute enacted in 1995 that provides the legislative framework for the MPF system in Hong Kong, including the approval of trustees and the regulation of schemes.

3Which body is the statutory Lead Regulator responsible for the registration of MPF schemes, the approval of corporate trustees, and the registration of MPF intermediaries?

A.The Mandatory Provident Fund Schemes Authority (MPFA)

B.The Hong Kong Monetary Authority (HKMA)

C.The Securities and Futures Commission (SFC)

D.The Insurance Authority (IA)

Explanation: The Mandatory Provident Fund Schemes Authority (MPFA) is the statutory body established under Cap. 485 designated as the lead regulator of the MPF system. It has the sole power to approve trustees, register schemes, and register principal and subsidiary intermediaries.

4If a registered subsidiary intermediary conducts MPF regulated activities primarily as an employee of a licensed commercial bank in Hong Kong, which regulatory body acts as their designated Frontline Regulator?

A.The Mandatory Provident Fund Schemes Authority (MPFA)

B.The Securities and Futures Commission (SFC)

C.The Hong Kong Monetary Authority (HKMA)

D.The Insurance Authority (IA)

Explanation: Under the regulatory regime, the Hong Kong Monetary Authority (HKMA) acts as the frontline regulator (FR) for MPF intermediaries who are registered with the HKMA or whose principal business is regulated under the Banking Ordinance. The FR is responsible for inspection, investigation, and day-to-day supervision.

5Which of the following statements regarding the status and legal force of the guidelines issued by the MPFA is correct?

A.They have statutory force and any breach is automatically a criminal offence.

B.They are non-statutory guidelines, but compliance with them is taken into account when assessing an intermediary's 'fit and proper' status.

C.They are only suggestions and cannot be used in disciplinary proceedings.

D.They are issued by the Legislative Council and have the same force as ordinances.

Explanation: Guidelines issued by the MPFA do not have statutory force (i.e., a breach does not automatically constitute a criminal offense), but they are used to interpret the legislation. A failure to comply with these guidelines can be used in disciplinary proceedings and is a key factor when assessing whether an intermediary remains 'fit and proper'.

6Which of the following is a primary characteristic of a 'fully funded' retirement scheme such as the MPF system in Hong Kong?

A.Benefits are funded by the government through annual tax revenues.

B.The benefits of current retirees are paid directly from the contributions of current workers.

C.Accrued benefits are backed by assets accumulated from contributions and investment earnings of the individual member.

D.The employer guarantees a fixed pension payment regardless of investment performance.

Explanation: A fully funded scheme is one where the benefits payable to a member are determined by the contributions paid into the scheme by and on behalf of that member, plus any accumulated investment returns. This contrasts with pay-as-you-go systems.

7The Compensation Fund established under the MPF Schemes Ordinance is primarily funded by which of the following?

A.Annual registration fees of subsidiary intermediaries

B.A statutory levy on approved trustees paid out of scheme assets

C.Direct funding and grants from the Hong Kong Government

D.Application fees paid by scheme members when switching funds

Explanation: The Compensation Fund, designed to compensate scheme members for losses due to trustee defaults, is funded by a levy on approved trustees. The MPFA is empowered by the MPF Schemes Ordinance to collect this levy, which is paid out of the assets of the schemes.

8Under the regulatory coordination framework, which entity has the final statutory power to make disciplinary decisions, such as suspending or revoking the registration of an MPF intermediary?

A.The frontline regulator that conducted the investigation

B.The Securities and Futures Appeals Tribunal

C.The Mandatory Provident Fund Schemes Authority (MPFA)

D.The Financial Services and the Treasury Bureau

Explanation: Although the frontline regulators (HKMA, IA, SFC) conduct the inspections and investigations of SIs under their purview, the final statutory authority to impose disciplinary sanctions (such as reprimands, suspensions, or revocations of registration) rests solely with the MPFA as the lead regulator.

9Which of the following describes the statutory role of the MPF Schemes Appeal Board?

A.To draft amendments to the MPF Schemes Ordinance

B.To hear appeals against decisions made by the MPFA regarding trustees, schemes, and intermediaries

C.To resolve investment disputes between fund managers and trustees

D.To prosecute employers who fail to make mandatory contributions

Explanation: The MPF Schemes Appeal Board is an independent statutory body established to hear appeals against decisions made by the MPFA, such as refusing to approve a trustee, registering a scheme, or imposing disciplinary sanctions on an intermediary.

10In the event of a conflict between the guidelines issued by the MPFA and the provisions of the MPF Schemes Ordinance (Cap. 485), which of the following is correct?

A.The guidelines prevail because they are updated more frequently.

B.The provisions of the Ordinance prevail.

C.The frontline regulator will decide which rules apply on a case-by-case basis.

D.The conflict must be referred to the High Court for arbitration before any enforcement.

Explanation: The MPF Schemes Ordinance (Cap. 485) is primary legislation passed by the legislature. Non-statutory guidelines issued by the MPFA are secondary administrative instruments and can never override the clear provisions of the primary Ordinance.

About the MPF Intermediaries Qualifying Exam Exam

The MPF Schemes / Intermediaries Qualifying Examination is a statutory licensing exam for individuals seeking registration as MPF subsidiary intermediaries in Hong Kong. It tests candidate competence in the legislative framework, operational mechanics, investment regulations, trustee oversight, and professional conduct requirements of the MPF system.

Assessment

The MPF Schemes / Intermediaries Qualifying Examination contains 80 multiple-choice questions. The exam duration is 2 hours. Candidates must obtain a score of 70% or higher to pass. The exam is offered in both paper-and-pencil and computer-screen modes.

Time Limit

2 hours

Passing Score

70% (56 out of 80 correct answers)

Exam Fee

HK$325 (Pencil-and-Paper) / HK$395 (Computer Screen) (PEAK Examination Centre (VTC) & HKSI)

MPF Intermediaries Qualifying Exam Exam Content Outline

15%

Regulatory Framework of the MPF System

Covers World Bank pillars, retirement protection needs, legislative background (Cap. 485), and the role of the MPFA and other financial regulators.

35%

MPF Administration & Operational Features

Covers scheme enrollment, relevant income calculation, contribution requirements, voluntary contributions, vesting, benefits withdrawal rules, and the eMPF Platform for digitalized scheme administration.

30%

MPF Trustees, Schemes & Investments

Covers approval of trustees, types of MPF schemes, constituent fund categories (equity, bond, money market), Default Investment Strategy (DIS), and investment restrictions.

20%

Duties & Compliance of MPF Intermediaries

Covers registration of principal and subsidiary intermediaries, frontline regulators (HKMA, IA, SFC), statutory conduct requirements, and Continuing Professional Development (CPD) compliance.

How to Pass the MPF Intermediaries Qualifying Exam Exam

What You Need to Know

Passing score: 70% (56 out of 80 correct answers)
Assessment: The MPF Schemes / Intermediaries Qualifying Examination contains 80 multiple-choice questions. The exam duration is 2 hours. Candidates must obtain a score of 70% or higher to pass. The exam is offered in both paper-and-pencil and computer-screen modes.
Time limit: 2 hours
Exam fee: HK$325 (Pencil-and-Paper) / HK$395 (Computer Screen)

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

MPF Intermediaries Qualifying Exam Study Tips from Top Performers

1Focus heavily on Chapters 3, 5, and 7 of the Study Notes, as they represent the largest portion of the questions.

2Understand how to calculate mandatory contributions based on the minimum relevant income of HK$7,100 and maximum relevant income of HK$30,000.

3Memorize the specific criteria and exemptions for early withdrawal of accrued benefits (e.g., small balance criteria under HK$5,000).

4Identify the distinct roles of the MPFA as lead regulator, and the HKMA, IA, and SFC as frontline regulators.

Frequently Asked Questions

Who is required to pass the MPF Intermediaries Qualifying Examination?

Any individual who wants to carry on regulated activities (selling, marketing, or advising on MPF schemes) must pass this examination. In addition, they must be registered with the MPFA as a subsidiary intermediary attached to a registered principal intermediary.

What is the pass mark and time limit for the exam?

The examination consists of 80 multiple-choice questions with a time limit of 2 hours (120 minutes). The passing mark is 70%, which means you must answer at least 56 questions correctly.

Has the abolition of the MPF offsetting mechanism affected the exam?

Yes. The abolition of the MPF offsetting mechanism came into effect on 1 May 2025. The exam now tests candidate knowledge of this transition, specifically that employers can no longer offset severance or long service payments using accrued benefits derived from post-transition mandatory contributions.

What are the annual CPD requirements for registered subsidiary intermediaries?

SIs must complete a minimum of 15 Continuing Professional Development (CPD) hours in each calendar year. At least 4 of these 15 hours must be 'core' CPD activities approved by the MPFA. SIs registered mid-year are subject to pro-rata reductions.