The ICMA Private Wealth Management Charter of Quality brings together in a single document the guiding principles of best practice adopted by the cross-border private banking industry.
The Charter is designed to be consistent with relevant regulation at both the EU and national level, and to complement principles such as the Wolfsberg Principles on anti-money laundering and the global recommendations of the Financial Action Task Force. This is the first initiative of its kind where the private wealth management industry has joined together voluntarily to commit to common standards of quality, compliance and good market practice as set out in the Charter.
The three main principles which are of paramount importance to the nature of business relationships with clients are the foundation of the charter, namely:
- Integrity: in business relationships; of markets, financial products and services; and of staff;
- Transparency: towards clients, and regarding the regulatory environment;
- Professionalism: regarding the primacy of clients’ legitimate interests and efficiency.
The ABBL, via its Private Banking Group, Luxembourg, became the first signatory of the Charter on 4 October 2012.