CACS CPD

Client Adviser Competency Standards CPD

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.

Effective Date

The CACS CPD requirement took effect from 1 March 2013.

Who is Covered?

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.

Who is exempted?

A Covered Person who attains IBF Certification will be deemed to have fulfilled his CACS CPD requirements for 2 years – the year in which he completed the programme and the year in which he attained IBF Certification (Note: this may include the year after he attained IBF Certification if the programme completion and attainment of certification took place in the same year).

CPD Requirements

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”) in Private Banking and Wealth Management segment, Future-Enabled Skills or Critical Core Skills 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.

CPD Reporting

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.

Find CACS CPD Courses

All IBF Standards Training Scheme (IBF-STS) and Financial Training Scheme (FTS) programmes qualify towards the fulfilment of CACS CPD requirement.