The PB Code, which will take effect from 1 September year, is aimed at fostering high market conduct standards in the city-state’s booming wealth management sector.
The code of conduct also sets out market conduct principles relating to the business conduct of financial institutions and their staff engaged in private banking activities.
These principles cover areas such as ethics and professionalism, client relationship management and risk management.
Under the Code, private banking advisers are required to pass a competency assessment called the Client Advisor Competency Standards (CACS) before they can provide any financial advice.
This assessment will be administered by the Institute of Banking and Finance (IBF).
The Monetary Authority of Singapore has welcomed the launch of the code of conduct.
