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)
|AND||Other 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 years||10 years|
|6 years||8 years|
|7 years||6 years|
|8 years||4 years|
|9 years||2 years|
|>= 10 years||0 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.