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HK Forms Retirement Schemes Industry Group
The Hong Kong Federation of Insurers (HKFI), the Hong Kong Investment Funds Association (HKIFA) and the Hong Kong Trustees Association (HKTA) Wednesday jointly announced the formation of the Retirement Schemes Industry Group (RSIG).
Announcing the initiative, Douglas Naismith, chairman of the RSIG, said the objective of the RSIG is to provide a cross- association forum for the discussion of issues relating to the long-term development of the Hong Kong retirement fund industry.
"We aim to work with the government, regulators, legislators as well as the community to foster the development of the retirement fund industry in Hong Kong to promote the best interest of scheme members and best practice with reference to international professional standards," he said.
Over the past few years, with the development of the Mandatory Provident Fund legislation and associated legislation for schemes under the Occupational Retirement Schemes Ordinance, the issues and requirements of the various retirement service providers have started to coalesce.
The three associations feel that they share common visions and goals with respect to the development of the retirement fund industry.
"It is our belief that by presenting a unified view to the government and the relevant authorities, a more effective consultative and interactive relationship can be established," Naismith said.
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