Singapore’s private banking industry has
launched a code of conduct to develop professional standards and
transparency.
Drafted by industry body the Private Banking
Advisory Group with support from the Monetary Authority of
Singapore, the code recommends private bankers pass a common
competency assessment called the Client Advisor Competency
Standards (CACS) before they provide any financial advice.
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Private bankers will then be expected to carry
out a minimum of 15 hours of continuing professional development
each year.
The code also sets out market conduct
principles relating to the business conduct of financial
institutions and their staff engaged in private banking
activities.
These principles cover areas such as ethics
and professionalism, client relationship management and risk
management.
The code will take effect from 1 September
2011.
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