Singapore’s Private Banking Advisory Group (PBAG) today unveiled a new Code of Conduct to promote high standards in the country’s rapidly-growing private banking industry.
Under the code, private bankers in Singapore will be expected to pass a new competency assessment regime called the Client Advisor Competency Standards (CACAS) before they provide any financial advice to clients in the Southeast Asian island city-state, which in the last few years has become a regional banking hub.
The assessment will be administered by the Institute of Banking and Finance.
The PB Code also sets out ‘market conduct principles’ relating to the business conduct of financial institutions and their staff engaged in private banking activities, covering such areas as ethics and professionalism, client relationship management and risk management.
The new code was welcomed by the Monetary Authority of Singapore. Ng Nam Sin, the authority’s assistant managing director, called it “a positive step taken by the industry” that he noted was designed to “strengthen competency levels in a coordinated, industry-wide manner”.
The Code, which takes effect on September 1, was described as the result of an industry-led effort to boost the standards of private banking industry professionals in Singapore and their staffs.
Its developers were said to have made use of recommendations from the PBAG, which is comprised of banking industry representatives, and received help in drafting the document from PwC and Allen and Gledhill LLP.
‘Encourages investment in talent’
Christine Ong, chief executive of UBS Wealth Management Singapore, said the PB Code would encourage Singaporean private banks to invest "in talent development".
The code can be accessed through the Association of Banks in Singapore website at www.abs.org.sg
