Question: You are a self-employed Credit Representative in your second year of operation working, under a Credit Licensee. Your PI insurance premium is due to be

You are a self-employed Credit Representative in your second year of operation working, under a Credit Licensee. Your PI insurance premium is due to be paid and it has been increased by over $500. Due to minimal income for the past few months, you decide to let it lapse as you are just coping thanks to trail commissions and you will aim to renew it again in six months' time. After 3 months has passed your Licensee requests a copy of your renewal notice and you cannot supply it.

a) Would the Licensee be obliged to report you to ASIC?
b) If not, what would be the appropriate steps to take?
c) If so, what would be the reporting process?

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a Yes the Licensee would be obliged to report you to ASIC if they become aware that you have let you... View full answer

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