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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) welcomes the launch today (June 24) of an Enhanced Competency Framework (ECF) for private wealth management (PWM) practitioners in Hong Kong.
The HKMA has led a Task Force, comprising representatives from Private Wealth Management Association (PWMA), The Hong Kong Institute of Bankers (HKIB), Hong Kong Securities and Investment Institute (HKSI), and Treasury Markets Association (TMA), in developing the ECF. Industry consultation on the ECF was completed in 2013, with general support from the industry.
The ECF is a non-statutory framework that sets out an enhanced level of core competence and on-going professional development of PWM practitioners who undertake customer-facing roles. New entrants and relevant industry practitioners may meet the ECF benchmark by self-study and/or taking accredited training programmes, and passing examinations. The training programmes and examinations will consist of two modules: Module 1 on technical, industry and product knowledge, and Module 2 on ethics and compliance. Providers of the initial programmes and examinations will be HKSI for Module 1 and HKIB for Module 2. The PWMA will be responsible for certifying qualified practitioners as Certified Private Wealth Professional (CPWP).
"The PWMA, HKIB, HKSI and TMA have contributed their professional knowledge and experience in developing the ECF which is an important initiative to encourage the ongoing development of competence by PWM practitioners. The HKMA has issued a circular (www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2014/20140624e1.pdf) today to encourage Authorized Institutions (AIs) engaged in PWM businesses to adopt the ECF. This would be a major factor for the HKMA to assess, in its supervisory process, those AIs' fulfilment of their responsibility to ensure staff competence. From a broader perspective, the ECF is part of the HKMA's initiative to work with the industry to enhance the competence of bank staff. This will help build Hong Kong's brand as a premier international financial centre providing high quality services to meet customer needs. We will explore similar efforts in other areas of banking operations in future," said the Deputy Chief Executive of the HKMA, Mr Arthur Yuen.
Ends/Tuesday, June 24, 2014
Issued at HKT 15:16
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