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/wealth advisory services to accredited investors ("AIs") 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 took 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/wealth advisory service(s) to AIs 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 AIs.
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.
As part of the annual CACS CPD requirement, Covered Persons are expected to achieve a minimum of 15 CACS CPD hours, of which a minimum of 8 hours should be in training that is accredited under the IBF Standards Training Scheme (“IBF-STS”) and a minimum of 4 hours should be in training related to Rules & Regulations, Compliance or Ethics.
Covered Persons who possess less than 3 years of experience as Relationship Managers as at 31 December 2018 are required to complete a minimum of 15 hours of their annual CACS CPD in training that is accredited under the IBF-STS and attain IBF Certification in Private Banking within 3 years from the date of implementation.
This includes individuals who transit from other roles (e.g. Assistant RMs, Investment/ Product Specialist or Priority Banking RM) to a Relationship Manager role.
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.
For enquiries, please contact IBF at