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MPF exam MPF Trustees question: MPFSO for the purposes of the Governance Principles

MPF examMPF Trustees

As defined in section 2 of the MPFSO for the purposes of the Governance Principles, which of the following is a service provider of a scheme?

A the auditor of the scheme
B a registered intermediary
C a custodian of scheme assets
D the system operator of an electronic MPF system

Show the answer and explanation

Answer: C. a custodian of scheme assets

Answer: a custodian of scheme assets. A service provider is an investment manager, custodian of scheme assets or other person appointed or engaged by the trustee, but not an auditor, solicitor, actuary, registered intermediary or the system operator of an electronic MPF system.Why not the others:• the auditor of the scheme: auditors are expressly excluded from the definition.• a registered intermediary: registered intermediaries are expressly excluded.• the system operator of an electronic MPF system: the system operator is expressly excluded.Watch out: Candidates count everyone the trustee pays as a service provider.Rule: Excluded: auditor, solicitor, actuary, registered intermediary, system operator.Source: MPF Study Notes, Tenth Edition (June 2026), 4.7 footnote; Cap. 485 (MPFSO) s 2 (version 5 Oct 2026)

Common mistake

Candidates count everyone the trustee pays as a service provider.

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An approved trustee convicted on indictment of an offence under the MPF legislation is liable to a fine and imprisonment of up to A processing error by an approved trustee causes a $2 million loss to a constituent fund. Under the restoration principle, the loss must be made good An employer sponsored scheme run by two individual trustees has a net asset value of $45 million. The minimum performance guarantee that each individual trustee must provide is for

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Original study material written to the public MPF exam syllabus. Independent, not endorsed by the MPFA or any examination provider. Verify figures and rules against current guidance before relying on them.