This article contains information on how to resign your Agreement with Connective. If your query relates to resigning a loan writer, please refer to the article: How to resign a Loan Writer

Notice Period

If you intend on ceasing your business arrangements with Connective, there is a requirement to provide us with 30 days notice under terms of the Full Member Agreement.

Providing Notice

Please contact your Partnership Manager or Connective Asset Finance BDM if you intend to cease business arrangements with Connective.

Cancelling or Extending the Resignation Period

If you would like to cancel a resignation or extend your 30 day notice period, please notify us in writing at least 2 business days prior to the effective resignation date. Connective is unable to reverse your resignation once it has been completed and it is important your customers are not impacted if you have applications in progress.

File Reviews

Connective will undertake a compliance review of consumer loan files for all active associate members to ensure compliance with NCCP and Connective requirements. Any corrective actions arising from these reviews must be completed prior to the finalisation of your resignation.

Separation Letter and Reference Check

If you are moving to another aggregator and require a separation letter, please provide the following details to [email protected] so we can send your separation letter directly to your new aggregator.

Please note that a separation letter will not be issued until after the effective date of resignation.

If you are moving to a new Australian Credit Licensee who will require a reference under ASIC's reference checking and information sharing protocol, please advise the new licensee to contact [email protected].

Release of your separation letter and reference check are subject to the completion of any outstanding file reviews and corrective actions.

Membership Fees

The membership fee invoice will be pro-rated for the new billing month up to the effective resignation date. For more information, please refer to this article: Understanding your Connective Fees.
​
You will receive an invoice for unbilled CashDeck retrieval usage (if applicable) during the resignation notice period. This invoice will be sent directly to the invoice recipient on your account.

Commissions Management Account

On completion of your resignation, if you are currently receiving trail commissions, your account will be moved into Commission Management. The monthly Commission Management fee is calculated at 2.4% +GST of your total net trail including payee splits. The minimum fee is $80 +GST and the maximum fee is $500 +GST. This fee will be deducted directly from your commissions entitlements and will be reflected on the RCTI.
​
If you choose to use Connective for Commission Management Services as outlined above, you will be able to access the Commissions Tab in Mercury.
​
If you wish to transfer your trail commissions, please contact [email protected]

Professional Indemnity Insurance (PI)

If you are insured under the Connective Master Policy your cover will stop on the effective resignation date noted above. You will need to make suitable alternative arrangements by the date of resignation to ensure you have ongoing cover in place.

If you are ceasing to operate your business, please contact your insurance provider to activate the run-off cover which is part of your PI insurance policy. This will ensure you are adequately covered for events that have occurred whilst you were a broker but arise after your resignation. If you do not activate your run-off cover or maintain ongoing PI insurance, you may be exposed to personal liability arising from future claims relating to your actions as a broker.

In order for commissions to be payable Connective will require ongoing evidence of valid PI insurance or confirmation that your run-off cover has been activated.

If you have any question relating to the resignation process, please contact [email protected].