Regulatory Alerts2021-07-14
Added · Updated
Enhanced Competency Framework for Private Wealth Management Practitioners
The Hong Kong Monetary Authority and the Private Wealth Management Association have issued an updated non-statutory framework to enhance the core competence and ethical standards of private wealth management practitioners. The document mandates that relevant customer-facing staff complete accredited training and examinations covering technical knowledge and compliance, with specific accreditation and grandfathering mechanisms administered by the PWMA. It also establishes the Certified Private Wealth Professional (CPWP) and Certified Private Wealth Professional Associate (CPWPA) certifications to recognize qualified practitioners and ensure ongoing professional development.
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