FAQ - One-off Exemption (Grandfathering)

One-off Exemption (Grandfathering)

  1. 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)

     

     

     

     

     

    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 January 2006 to 2 October 2013, 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.