The CACS CPD requirement for the Private Banking industry is set out in the
Private Banking Code of Conduct (PB Code). The PB Code ensures that Covered Entities and their Covered Persons providing financial advisory services to High-Net-Worth Individuals ("HNWIs") conduct their business activities with integrity and professionalism, and demonstrate a requisite level of competence and knowledge. The CACS CPD requirement is an important component, to ensure that the knowledge and skills of Covered Persons are kept current with industry and regulatory developments.
The CACS CPD requirement takes effect from 1 March 2013.
The CACS CPD requirement applies to all "Covered Persons". The PB Code defines a "Covered Person" as an individual who is in a client-facing role and provides financial advisory service(s) to HNWIs on behalf of a Covered Entity.
A "Covered Entity" refers to a financial institution or a division thereof which is regulated by the MAS, where the financial institution or division provides services to HNWIs.
A Covered Person who completes an IBF Standards accredited programme in Wealth Management (Relationship Management - Private Banking) at level 1 or above and attains IBF certification will be deemed to have fulfilled CACS CPD requirements for 2 years.
Under the Private Banking Code of Conduct ("PB Code"), Covered Persons are expected to achieve a minimum of 15 hours of Continuing Professional Development ("CPD") in each calendar year after passing the Client Advisor Competency Standards ("CACS"). From 2016, of the 15 CPD hours, a
minimum of 4 CPD hours (or up to required pro-rated CPD hours) has to be under Rules & Regulations, Compliance or Ethics.
Details on CPD activities that are eligible can be found in the
CACS CPD Information Advisory Note.
Covered Entities are expected to submit CPD fulfillment reports for their Covered Persons annually, by 31st Jan of the following year. Please
login to the IBF Portal to submit annual CACS CPD report for your entity.
IBF Standards Training Scheme (IBF-STS) and
Financial Training Scheme (FTS) programmes qualify towards the fulfilment of CACS CPD requirement (subject to the relevant cap).
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For enquiries, please contact IBF at