A new commitment from private wealth management institutions in Hong Kong is being seen as a milestone.
The Hong Kong Monetary Authority (HKMA) and the Private Wealth Management Association (PWMA) announced the PWMA’s adoption of the Treat Customers Fairly Charter for Private Wealth Management Industry (the Charter).
Developed through joint efforts of the HKMA and the PWMA, the Charter is aimed at private wealth management customers, and marks a milestone as a strong commitment by private wealth management institutions in Hong Kong to support and implement the principle of treating customers fairly.
The Charter incorporates five high-level principles together with examples of measures to guide PWMA members in their implementation.
Corporate Culture Change
Private wealth management institutions are expected to consistently demonstrate that fair treatment of customers is at the heart of their business models, further inspiring customers’ confidence and trust in the private wealth management industry.
The HKMA has issued a circular to articulate its expectation that all private banks should follow the Treat Customers Fairly principles enshrined in the Charter. Senior management and boards of directors of private banks should ensure that their institutions and relevant staff abide by these principles.
«To remain competitive as the premier private wealth management hub in Asia, Hong Kong’s private wealth management institutions need to have a strong corporate culture that offers highly professional services as well as fair treatment of customers,» said Norman Chan, Chief Executive of the HKMA.
