Bank of Singapore has launched an industry-accredited proprietary training programme for its private bankers, as new regulation places greater emphasis on risk management and qualifications.  

BoS’ proprietary training programme, developed by Swiss Asia Banking School, has received accreditation from the Financial Industry Competency Standards and the Institute of Banking and Finance. The curriculum is aligned with FICS requirements and the Client Advisor Competency Standards that was introduced by IBF last year to raise the quality of private banking in Singapore.

Renato de Guzman, CEO of Bank of Singapore, said that as financial markets become more volatile and regulators place greater emphasis on risk management, disclosures and controls, high net worth individuals need private bankers with industry-established knowledge, skills and high ethical standards to help them find the right investment solutions.

He said: “It is important for us to uphold good industry practices and enhance investor confidence. We have been proactively reviewing and strengthening our various frameworks, processes and training programmes to raise the professional competencies of our private bankers and to foster high market conduct standards. All these add to Singapore’s reputation as a premier global financial centre."

Bank of Singapore’s headcount grew by a steep 20 per cent in 2011, and the OCBC-owned bank now employs close to 850 staff worldwide, of which 250 are private bankers of various nationalities. The bank will send around half of its private bankers on the training course this year.

“A structured training programme will ensure that our bankers can offer a consistently high level of advisory expertise and professionalism to all our clients,” said Jean Lee, global head of human resource, Bank of Singapore.

To raise the overall standards of wealth management professionals in Singapore, the Private Banking Code of Conduct was introduced in April 2011. The code seeks to promote good industry practices and contribute to the long-term sustainable growth of the private banking industry in Singapore. One of the key guidelines is the requirement of private banking professionals to pass a common competency assessment known as the Client Advisor Competency Standards before they provide any financial advice.

The programme comprises three modules.

1. Private Banking Relationship Management Standards

This module aims to impart core skill sets and competencies required to manage and serve high net worth clients

2. Building Relationship Managers’ Competencies

This module aims to impart relevant industry and investment product knowledge

3. Navigating the Regulatory Framework

This module aims to impart the relevant wealth management legislations, regulations and industry codes of practices

Upon completion of the training modules, private bankers are required to complete the CACS assessment. After which, these private bankers would undergo the FICS accredited in-house assessment. With the successful completion of the assessments and the necessary experience, these private bankers can then apply for FICS certification with IBF.

The bank was also appointed a FICS Accredited Financial Training and Assessment Service Provider by IBF.