Vietnam: Professional ethics standards for credit institution advisors

Professional ethics standards for credit institution advisors​

Professional ethics standards for credit institution advisors includes:

- Having professional knowledge about the content being advised to customers.

- Being honest, fair, prudent, and upright; not providing false or misleading information regarding the features, characteristics, and benefits of the advised transaction.

- Acting for the benefit of the customer; the advisory content provided should be consistent with the information provided (if any) by the customer regarding their financial situation, knowledge, behavioral capacity, social understanding, goals, and financial needs.

- Ensuring the safety and separation of customers' money and assets at the credit institution offering the consulting service with the advised transaction, except where there is a mutual agreement otherwise.

- Not making decisions on behalf of the customer or influencing the customer to make a decision; not transferring customer information or related consultancy contract information to a third party without the customer's written consent except as required by competent authorities under the law.

- Warning customers about potential risks that may arise when implementing the advised solutions or plans.

Principles of consulting activities for credit institutions

Credit institutions offering consulting services must ensure the following principles:

- Complying with legal regulations and being responsible before the law for the consulting activities conducted by their consulting staff and the content of the advice.

- Being responsible for supervising compliance with professional ethics and the execution of consulting activities by their consulting staff.

- Ensuring the independence, honesty, and objectivity of the consulting activities.

- Complying with regulations on customer information confidentiality during the provision of consulting services, except where there is a separate written agreement with the customer or as stipulated by law.

- Credit institutions providing consulting services have autonomy in their consulting activities.

- Conducting consulting activities via electronic means must comply with the legal regulations on electronic transactions.

More details can be found in Circular 38/2024/TT-NHNN of the State Bank of Vietnam effective from July 01, 2024.

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