The Executive Council endorsed the establishment of a Qualifications Framework (QF) and its associated quality assurance mechanism in February 2004. The aim of establishing the QF is to provide a clear learning roadmap for everyone by setting out various learning opportunities and progression pathways. This will in turn encourage the public to continue to upgrade their skills and knowledge with a view to maintaining the competitiveness of Hong Kong.

The implementation of the QF is industry-based and adopts a phased approach. So far, thirteen industries have taken forward the development of the QF through the formation of a respective Industry Training Advisory Committee (ITAC). The 13 industries are Printing & Publishing, Watch & Clock, Chinese Catering, Hairdressing, Property Management, Electrical & Mechanical Services, Jewellery, Information & Communications Technology, Automotive, Beauty, Logistics, Banking, and Import & Export. The ITAC serves as the key conduit of advice between the Government and the industry in implementing the QF. Its initial priorities are to develop a set of Specification of Competency Standards (SCS) for the industry, to conduct industry-wide consultation, and to promote the development of the QF within the industry. With the development of the QF and the provision of information about articulated learning pathways, the public will be able to plan their own roadmap for progression and achieve their career goals through lifelong learning and continuing education and training.

Voluntary in nature, the QF is a seven-level hierarchy (from the elementary Level 1 to the highest Level 7) covering vocational, mainstream and continuing education sectors. For the vocational sector, the development of SCS is an important first step in implementing the QF, in which the industry plays a pivotal role.

The Banking ITAC was set up in August 2006 to facilitate the implementation of the QF within the industry. The ITAC currently comprises 24 members, including representatives from employers, trade associations, professional bodies, employees, regulatory body, and the Education Bureau. Together with the professional writer and the representative from the Hong Kong Council for Accreditation of Academic and Vocational Qualifications (HKCAAVQ), the ITAC members actively participated in the work of SCS drafting.

The banking industry covers a wide scope of service. The ITAC identified 5 core business functions, namely: Retail Banking; Corporate Banking and Investment Banking; Asset Management and Private Banking; Commercial Banking; Treasury. Due to the wide coverage of the industry, the ITAC has focused its efforts on drafting the SCS for Retail Banking sector first, and the SCSs for the other branches will commence in the next stage.

The Banking ITAC conducted an industry-wide consultation on the draft Retail Banking SCS from mid-June to mid-September 2009. During the consultation, industry stakeholders actively participated in various consultation activities, and provided valuable feedback on the draft. After revision by the Professional Writer and endorsement by the Banking ITAC, the first version of the SCS can be downloaded from the website.