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.
Commitment to Quality of Wealth Management Service in Luxembourg
By helping mobile, entrepreneurial families pursue their international ambitions in a fast-changing world, Luxembourg’s private bankers contribute to creating wealth and welfare at the heart of the European Union, for current and future generations. Commitment to quality of service is an essential component of this mission.
Luxembourg is the leading wealth management centre in the euro zone, thanks to decades of experience in serving the most demanding clients. Luxembourg’s private bankers are specialized international intermediaries matching client business and lifestyle objectives with investment opportunities, in a compliant manner.
Today, the Luxembourg Bankers’ Association and its cluster for wealth management excellence, the Private Banking Group, Luxembourg, are taking this commitment to quality of service a step further by adhering to the highest standards of integrity, transparency and professionalism as set out in the following ICMA Private Wealth Management Charter of Quality.
Quality of service in wealth management includes:
- Providing access to highly-skilled and adequately educated advisors
- Offering the most pertinent investment solutions and financial services
- Assisting clients comply with their legal and tax obligations
- Ensuring all investor protection measures are fulfilled
- Extending the highest levels of customer service and hospitality
As institutions operating within a global framework, members of the Private Banking Group, Luxembourg uphold all relevant international regulations governing the financial sector. Day after day, by meeting these rules of compliance we provide our clients with the assurance that they can fully observe the rules of law pertaining to their banking relationship. The enforcement of anti-money laundering provisions protects clients from being associated with criminal practices. In line with the latest investor protection rules, customers receive all the necessary information related to their investments. In particular, given the international interests of their clientele, Luxembourg Private Banks assist their customers in complying with the tax legislation of their country of residence and put the necessary tools at their disposal in order to do so. These commitments go hand in hand with the protection of each client’s right to privacy, which Luxembourg Private Banks guarantee through the professional confidentiality rules by which their employees are bound.
By constantly enhancing their quality of service and complying with the law, Luxembourg Private Banks set new standards of excellence to protect the wealth, integrity and reputation of their clients.