Private bankers abiding by CPD requirement

THE Institute of Banking and Finance (IBF) said yesterday professionals working at Singapore's private banks have fulfilled a key qualification requirement - known as the continuing professional development (CPD) programme - under the private banking code of conduct.

Under the 2011 code of conduct, private banking professionals are expected to undertake 15 hours of classes under the CPD annually. This is after they pass a common competency assessment, known as the client advisor competency standards (CACS). Private bankers need to pass CACS before they provide any financial advice.

As at Dec 31, 2013, all private banking entities have sent their private banking professionals to undertake relevant CPD programmes, which are administered by IBF.