Private Wealth Management Association (PWMA) has adopted Treat Customers Fairly Charter for private wealth management industry.

PWMA developed this charter in association with Hong Kong Monetary Authority (HKMA). All 47 member firms of the PWMA are expected to follow principles enshrined in the charter.

The charter is aimed at further boosting customers’ confidence and trust in the private wealth management industry.

“Private wealth management institutions are expected to consistently demonstrate that fair treatment of customers is at the heart of their business models, further inspiring customers’ confidence and trust in the private wealth management industry,” according to a press statement.

To help members in their implementation, the charter incorporates five ‘high-level’ principles together with examples of measures.

HKMA CEO Norman Chan said: “To remain competitive as the premier private wealth management hub in Asia, Hong Kong’s private wealth management institutions need to have a strong corporate culture that offers highly professional services as well as fair treatment of customers. I am pleased to see the PWMA’s full support in promoting Treat Customers Fairly principle by promulgating the Charter today.”

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PWMA chairman Amy Lo said: “The unanimous support for adopting the Charter at our recent Annual General Meeting (AGM) demonstrates a strong commitment on the part of our members to put clients’ interests at the heart of everything we do.

“PWMA member firms understand that this commitment is key to nurturing clients’ trust and building a sound foundation for the continued growth of Hong Kong as a private wealth management hub.”