Regulatory Alerts2017-06-08
Added · Updated
Treat Customers Fairly Charter for Private Wealth Management Industry
The Hong Kong Monetary Authority and the Private Wealth Management Association issued a charter requiring private banks to adhere to five principles promoting fair customer treatment and consumer protection. The document mandates that institutions design products to meet client needs, ensure transparent disclosure of risks and fees, avoid misleading marketing, facilitate complaint redress, and support financial education. Implementation is supported by industry initiatives including a pilot apprenticeship programme, enhanced ethical codes, and cooperation on anti-money laundering and tax transparency measures.
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