Print this article
BoS Launches Accredited Training Programme For Private Bankers
Tara Loader Wilkinson
25 April 2012
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.