The Hong Kong Monetary Authority (HKMA) has introduced a new enhanced competency framework (ECF) for private wealth management (PWM) practitioners in Hong Kong.
The new Framework has been developed by a task force, led by the Hong Kong Monetary Authority, and includes from the Private Wealth Management Association (PWMA), the Hong Kong Institute of Bankers, the Hong Kong Securities and Investment Institute and Treasury Markets Association.
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Designed as a non-statutory framework, ECF will develop an enhanced level of core competence and on-going professional development of PWM practitioners.
The PWM practitioners will be able to comply with the ECF benchmark by self-study or taking accredited training programmes and examinations, which will be offered in two modules. Module 1 deals with technical, industry and product knowledge, while Module 2 on ethics and compliance.
According to HKMA, PWMA will be liable for certifying qualified practitioners as Certified Private Wealth Professional (CPWP).
Arthur Yuen, deputy chief executive of the HKMA, said: "The HKMA has issued a circular today to encourage Authorized Institutions (AIs) engaged in PWM businesses to adopt the ECF. From a broader perspective, the ECF is part of the HKMA’s initiative to work with the industry to enhance the competence of bank staff.
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By GlobalData"This will help build Hong Kong’s brand as a premier international financial centre providing high quality services to meet customer needs. We will explore similar efforts in other areas of banking operations in future," he added.
