One-off Exemption (Grandfathering)

What relevant experience would be counted in the 10 years?

Those Relevant Practitioners who have at least 10 years of relevant customer-facing work experience described below, may be eligible for grandfathering.

Recent PWM customer-facing functions
(i.e. x = at least 5 years)
ANDOther customer-facing functions in the financial services industry
(i.e. y = (10 years minus x), and multiplied by 2
[if x is not greater than 10 years])
5 years10 years
6 years8 years
7 years6 years
8 years4 years
9 years2 years
>= 10 years0 year

The counting of years of relevant experience is calculated up to the nearest month, with days less than one month rounded up to the nearest month and cut-off as at December 2014.

For example, an applicant employed in a PWM institution with customer-facing functions from 20 March 2007 to 31 December 2014, would have 7 years and 10 months relevant working experience and would need to have an additional 4 years and 4 months relevant working experience in other customer-facing functions in the financial services industry in order to meet the 10 years relevant working experience requirement.