Skills

Singapore private bankers exceed training threshold, says IBF

New statistics from the Institute of Banking and Finance Singapore (IBF) in Singapore show that 83% of private bankers exceeded the Client Advisor Competency Standards CPD requirement.

Out of the 5,500-plus ‘Covered Persons’ in private banking, according to IBF figures, over 99.9% fulfilled the 15-hour CACS CPD minimum requirements for 2016.

Further, over 50% completed at least 20 hours of professional training – around 10% higher than the previous year. And 18% completed more than 30 CPD hours.

The IBF also said that several private banks introduced structured training programmes for their staff and had more of their in-house programmes accredited by IBF. 

More training hours were also spent to keep abreast of global and local regulatory changes, added the Institute.

In terms of CPD priority training areas for 2017, the IBF Private Banking Workgroup has identified the following as important:

•    Ethics / professional conduct
•    Wealth advisory
•    KYC / anti money laundering
•    Common Reporting Standards (CRS) / tax transparency
•    Cross-border business
•    Cyber fraud / security