Regulatory Alerts2014-06-24
Added · Updated
Enhanced Competency Framework for Private Wealth Management Practitioners
The Hong Kong Monetary Authority issued a circular encouraging private banks to adopt the Enhanced Competency Framework for Private Wealth Management Practitioners as a benchmark for staff competence. This non-statutory framework requires institutions to assess, train, and certify customer-facing practitioners to ensure ongoing professional development and ethical behavior. Implementation of the framework will influence the regulator's supervisory resource allocation and focus regarding private banks' fulfillment of their responsibility to maintain staff competence.
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