Executive councillor Anna Wu Hung-yuk has been appointed chairwoman of the Mandatory Provident Fund Schemes Authority (MPFA), replacing Henry Fan Hung-ling who stepped aside in October amid the Citic Pacific forex dealing scandal. Financial Secretary John Tsang Chun-wah announced the appointment yesterday for a two-year term starting on March 17. 'Ms Wu served the MPFA as a non-executive director between 1998 and 2005,' he said. 'She possesses a deep understanding of the Mandatory Provident Fund system.' He expressed his thanks to Mr Fan for his 'insightful advice and guidance to the MPFA in steering the development of the MPF system'. At the end of last year, the MPF system covered more than 2.44 million scheme members. The total net assets of all MPF-approved constituent funds was more than HK$209.4 billion. Ms Wu, 57, was appointed an Executive Council member last month when Mr Fan stepped down. The former Equal Opportunities Commission chairwoman is considered a politically liberal figure.