This article provides you with guidance on renewal of memberships.
Please note, we previously referred to COSL in wiki articles and this has now been changed to CIO as COSL have had a name change.
PI and EDR (CIO or FOS) membership documents update
One of the most important requirements of ASIC and Connective is that your Professional Indemnity Insurance (PI) and EDR (CIO or FOS) membership remains 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 memberships now
- Mark the renewal date for one month prior to expiry in your calendar
- Renew your memberships in plenty of time before the expiry date
- Send a copy immediately to firstname.lastname@example.org so we can update our records
Let's work together
If you need any further information or assistance with renewing your PI and EDR memberships, we are here to help.
We will remind you 30 days and 10 days prior to these memberships expiring.
Please note: your updated documents must be received by Connective at least 1 business day before the expiry of your PI and EDR memberships.
The consequences of non-compliance
You as a licensee or credit representative of a licensee 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 addition, our panel lenders may seek current copies of these documents from us at any time and you run the risk of having accreditations suspended or cancelled if we are unable to provide the current memberships.
In the event these requirements are not met, it may be necessary for Connective to take corrective or disciplinary actions. For example, we may be required to 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 accreditation's with lenders.
- Connective may cease our agreement.
If you remain non-compliant, we could be forced to withhold your commission payments until the current membership certificates have been received.
Please contact compliance@connective for any questions on your membership requirements.