Date
18 December 2017
An industry body is devising a new competency framework for professionals working in Hong Kong's wealth management sector. Photo: AFP
An industry body is devising a new competency framework for professionals working in Hong Kong's wealth management sector. Photo: AFP

Wealth management industry body sets ‘competency framework’

Hong Kong’s Private Wealth Management Association has completed a review on developing an enhanced competency framework for the professionals working in the industry, the Hong Kong Economic Journal reported Wednesday, citing sources familiar with the matter.

The framework may be unveiled by the end of this month, paving the way for standardization of the qualifications of talents and an improvement in the industry over the long term.

A two-level program, comprising practical knowledge and code of conduct, will be jointly provided to the sector’s 4,000 practitioners under the framework. The association and other industry bodies such as the Hong Kong Institute of Bankers, the Hong Kong Securities Professionals Association and the Treasury Markets Association will be involved in the exercise.

Professional qualifications will be conferred by the Private Wealth Management Association upon completion of the program, sources said. Practitioners with 10 years of experience or above may be exempted from the practical paper.

The framework is a landmark in the development of the wealth management industry in Hong Kong, McKinsey & Co. partner Kenny Lam said, adding that it is likely to improve the city’s competitiveness over Singapore.

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