PI and EDR membership requirements
At Connective, our dedicated Compliance Support Team is here to ensure you are meeting Australian Securities and Investment Commission (ASIC) and National Consumer Credit Protection (NCCP) requirements. We keep you regularly updated with the necessary steps you must take to protect your business from the consequences of non-compliance. One of the most important requirements is that you keep your Professional Indemnity Insurance (PI) and External Dispute Resolution (CIO or FOS) memberships current at all times.
Professional Indemnity Insurance (PI) and EDR (CIO or FOS) Membership
One of the most important requirements of ASIC and Connective is that your PI and EDR (CIO) memberships remain current at all times. In order to meet these requirements, it is critically important that we receive evidence that your memberships have been renewed prior to the expiry date.
Please take the following steps to ensure that we have received your updated membership documents in a timely manner.
- Check the expiry dates for both your PI and EDR (CIO) memberships now.
- Mark the renewal date for one month prior to expiry in your diary.
- Renew your membership well in advance prior to the expiry date.
- Send a copy immediately to firstname.lastname@example.org so we can update our records.
Please note: your updated documents must be received by Connective at least 1 business day before the expiry of your PI and EDR (CIO) memberships.
The consequences of non-compliance
As a Credit Representative of Connective Credit Services, both you and Connective may be held accountable by ASIC if these requirements are not met. Therefore, we require that you follow these simple steps to ensure your documents are always updated properly and correctly registered with us.
In the event these requirements are not met, it may be necessary for Connective to take corrective or disciplinary action. For example, we may be required to cease you on ASIC and notify the lenders. The consequences of these actions could include, but are not limited to:
- You may be unable to provide credit assistance.
- You may need to reapply for accreditations with lenders.
- If you remain non-compliant, we could be forced to withhold your commission payments until the current membership certificates have been received.
- Connective may cease our agreement
Let's work together
If you need any further information or assistance with renewing your PI and EDR (CIO) memberships, we are here to help. Send any questions to email@example.com.