Private Banking Ethical Conduct
About This Course
This 4-hour course aims to equip private bankers with the understanding, knowledge and skills to apply and promote ethical conduct and behaviour as guided by the Code of Conduct for Private Banking in Singapore, to conduct their business with utmost integrity and professionalism to serve in the best interests of their HNWI clients and endeavour to uphold good faith and trust in the industry.
Who Should Attend
- Relationship managers and senior relationship managers in private banks
- Covered persons under Private Banking Code of Conduct
- Completed IBF Standards Wealth Management Private Banking Level 1 OR
- Min. 3 years of relevant working experience in private banking
- Understand the meaning of ethical conduct
- Understand the meaning of ethical conduct within a Financial Institution
- Apply ethical conduct in all aspects of dealings with the client and promote conduct culture that go beyond mere compliance that will serve the best interests of HNWI clients and uphold good faith and trust in the industry
- Able to identify and effectively address typical conflict of interest situations and ethical dilemmas that may arise in dealing with HNWI clients or in the wealth management business
- Understand and adopt fair dealing practices in managing relationships with HNWI clients at all times
- Recognise risk indicators & suspicious transactions and ethical decision-making to prevent and safeguard Financial Institutions from being used as a platform to harbour proceeds from crime or as a conduit to disguise the flows of such funds
- Learning the lessons learnt from examples of ethical situations
What is the Meaning of Ethics?
- What does Ethics mean to you?
- What does it mean to have Integrity?
- Definitions of Ethics
Agenda for Ethical Conduct
- Fiduciary Duties
- What is a Fiduciary
- Fiduciary Obligations
- Fiduciary Responsibilities
- Guidelines on Fair Dealing
- Outcome 1 – Fair Dealing central to corporate culture
- Outcome 2 – Products & Services Offering Suitable for Target Clients
- Outcome 3 – Competent Financial Advisors
- Outcome 4 – Clear, Relevant & Timely Information to clients
- Outcome 5 – Handle Client Complaints in independent, effective and prompt manner
- Mini Case Discussions
- Guidelines on Fit and Proper Criteria
- Code of Conduct for Private Banking in Singapore
- Competency Assessment – Client Advisor Competency Standards
- Continuing Professional Development
- Market Conduct
- Conflicts of Interest
- Client Relationship Management
- Know Your Client
- Advisory Standards
- Disclosure Standard
- Client Confidentiality
- Client Complaints
- Document key policies and procedures
- Evaluate the effectiveness of policies & procedures; Review & Update
- Ensure adequate segregation of duties
- Define clear roles & responsibilities, including levels of authority, approving limits, system access authority,
- Establish Operational Risk Self-Assessment
- Monitor compliance with policies, procedures and regulatory requirements
- Designated persons to monitor & track actions to address audit findings
- Mandatory Leave Policy
- Implement New Product approval process
- Policy & Procedures for managing of inactive & dormant accounts
- Policies & Procedures relating to protection of client data, including data retention policy
- Controls over recording and execution of transactions
- Implement controls to prevent unauthorized amendments to confirmation documents
- Implement Procedures on Hold-Mail Services
- Establish process and criteria for approving new or increase of credit facilities
- Implement control over margin accounts
- Establish independent function to manage market liquidity risks
The Ethical Dilemma
- Examples of Ethical Dilemmas
- Ethical Decision-Making Framework
- Factors to Consider to Identify Potential Conflicts of Interest
- Possible Actions to Resolve Conflict of Interest
- How to Deal with an Ethical Dilemma
- Is it legal?
- Is it balanced & fair?
- Is it right?
LLB (Hons) (University of London)
Jane has over 25 years of banking experience in Compliance, Operational Risk and Audit across a broad spectrum of banking businesses, products and services. Her areas of expertise include Ethics & Compliance and Operational Risk & Audit.
Jane is currently the Director, Compliance of AMEX (Singapore Branch) and supports all the lines of business operating out of the AMEX Singapore Branch.
Prior to joining AMEX, Jane was the Head of Compliance, Retail and Wealth Management Divisions in ANZ Bank where she was involved in business compliance advisory, new product approvals, marketing approvals, incident reporting, compliance training, remediation of gaps in compliance breaches.
Jane was previously the Head of Control & Compliance in Citibank Singapore Limited from 2004 – 2009. In her role, she covered all product lines including Credit Cards, unsecured lending, mortgages, term loans, deposits, F/X, Wealth Management and insurance products. She supported both the consumer mass market as well as the higher end-premier markets. Jane also conducts training for new hires on Investment Advisory Regulations/Policies/Procedures & Code of Conduct and AML.
Jane started her banking career in United Overseas Bank in Group Internal Audit and was promoted as the Divisional Head, Operational Risk Management & Compliance Division for Group UOB.
Throughout her professional banking experience, she also served as the Chair at ABS Financial Crime Task Force and Chair at ABS Operational Risk Management Task Force.
Jane holds a LLB (Hons), University of London and B. Soc Science (2nd Uppers), University Science Malaysia.
This programme has been accredited under the IBF Standards, and is eligible for funding under the IBF Standards Training Scheme (IBF-STS), subject to all eligibility criteria being met. Candidates are advised to assess the suitability of the programme and its relevance to participants’ business activities or job roles.
For latest development on the Enhanced Funding Support for IBF-STS, please visit the IBF Standards Training Scheme site.
About the IBF Standards
The IBF Standards are a set of competency standards for financial skills. These Standards are developed in partnership with industry leaders and provide a professional development and skills roadmap for financial sector practitioners to excel in their respective job roles. They currently cover 12 industry segments in the financial sector.
About the Institute of Banking and Finance Singapore
The Institute of Banking and Finance Singapore (IBF) is the national accreditation and certification agency for financial industry competency in Singapore under the IBF Standards. Find out more on www.ibf.org.sg
Early Bird Discount
Enjoy 10% early bird discount when you register one (1) month before the course commencement date.