The Hong Kong Monetary Authority (HKMA) and the Private Wealth Management Association (PWMA) have announced the PWMA’s adoption of the “Treat Customers Fairly Charter for Private Wealth Management Industry”.
The charter is drawn from good local and overseas banking practices, as well as the G20 high-level principles on financial consumer protection.
It contains five high-level principles and examples of measures to guide PWMA members in their implementation.
The high-level principles cover areas including
- matching products and services with customers’ needs,
- product information disclosure,
- addressing customers’ complaints and
- promoting financial literacy of customers.
The HKMA expects all authorised institutions which operate as private banks or have dedicated private banking units to follow the treat customers fairly principles, while senior management and boards of directors are expected to ensure compliance by their institutions and relevant staff.
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