PI and EDR (AFCA) membership documents
As a licensee or credit representative, you're accountable to ASIC for maintaining compliant memberships. Panel lenders may request evidence of current membership or insurance from Connective at any time. If Connective cannot provide them, your accreditations may be at risk of suspension or cancellation.
Professional Indemnity Insurance
Connective require evidence of ongoing cover to be provided annual upon renewal of your policy. To ensure we are up to date:
Check the expiry dates now
Mark the renewal date for one month prior to expiry in your calendar
Renew your cover in plenty of time before the expiry date
Upload a copy of your Certificate of Currency via the Document Renewal tile in the Membership Centre.
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.
Connective and our panel lenders will verify membership details via AFCA's Financial Firm Search.
For further information about AFCA memberships or to apply, please see their website.
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: we request a copy of your PI insurance within 2 business days of the renewal date.
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 accreditations 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 [email protected] for any questions about your membership requirements.