Hong Kong’s pensions regulator has fined HSBC HKD24m (about USD3.1m) for offering incentives to unregistered intermediaries. The Mandatory Provident Fund Schemes Authority (MPFA) stated HSBC ran a referral programme from April 2020 to February 2021, paying fees to introducers if referred clients contributed to the bank’s pension scheme. The Hong Kong Monetary Authority found HSBC violated conduct requirements. Former HSBC head of pensions Yip Sze Ki, responsible for the programme, was banned from senior roles at any MPF operator for 18 months. MPFA’s Cynthia Hui emphasised that only registered intermediaries can sell and market MPF schemes, stating the use of unregistered intermediaries undermines the regulatory regime.