Professional Indemnity Insurance (PI)
The Connective Group PI Policy has been negotiated on behalf of all Connective credit representatives in our efforts to provide you with the best possible support and protection.
Key Features:
PI cover with $10M single cover, $20M in aggregate. We monitor the usage of cover and top up if required although our claims history indicates this is sufficient with plenty of buffer.
Minimal admin with automatic inclusion and renewal if you are already a member of the Connective Group PI policy and a simple approval process for new applicants.
In the event of a claim, a Member excess contribution will apply (excess will depend on the relevant claim)
No gaps in coverage around LVR or credit impairment.
In-house support from our compliance team if a potential claim arises.
More information about the group policy is available here.
EDR (AFCA) Membership
ASIC requires licence holders and authorised credit representatives to maintain membership with AFCA. Once you have applied and been approved for membership, AFCA will renew your membership automatically each year. To ensure it remains current, all you need to do is ensure your Annual Membership Fee is paid. AFCA will send you an invoice annually in late June or early July.
For further information about AFCA memberships or to apply, please see their website.
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.
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 your credit representative authorisation and notify our panel 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 may withhold your commission payments until evidence of current insurance or membership is received.
Connective may cease our agreement
Let's work together
If you need any further information or assistance with renewing your PI and EDR (AFCA) memberships, we are here to help. Send any questions to [email protected].