HKMA has proposed the introduction of a Code of Practice for Trust Business (“Code”) to enhance protection of client assets held in trust and to promote the fair treatment of customers and nurture a customer-centric culture in the trust industry. The proposed Code would set out general principles and practical standards to govern the business conduct of trustees in Hong Kong.
In addition, HKMA would also like to seek the industry’s views on the competency and professional development of trust practitioners. Comments are also invited on the proposed implementation arrangements, including the suggested publishing of a listing containing trust companies that subscribe to the proposed Code.