PI questionnaire isn’t compulsory
An ASIC questionnaire on professional indemnity (PI) insurance is not compulsory for Australian financial services (AFS) licensees.
The regulator says nothing will happen if licensees don’t fill out the questionnaire, and it is merely a routine exercise to see how the new PI requirements are being taken up by the industry.
Compliance company Gold Seal last week circulated a note to AFS licensees with a link to the questionnaire. But ASIC says the questionnaire has only been sent to licensees identified as being affected by new PI requirements.
Gold Seal Director Claire Wavell Plater told insuranceNEWS.com.au she is advising clients to fill out the questionnaire, saying ASIC is “much happier” knowing if someone has not complied and is working towards complying rather than not doing anything at all.
“Breaches and any other issues are unlikely as long as licensees are proactive and upfront rather than resisting compliance,” she said. “We are encouraging clients to be proactive.”
The regulator says nothing will happen if licensees don’t fill out the questionnaire, and it is merely a routine exercise to see how the new PI requirements are being taken up by the industry.
Compliance company Gold Seal last week circulated a note to AFS licensees with a link to the questionnaire. But ASIC says the questionnaire has only been sent to licensees identified as being affected by new PI requirements.
Gold Seal Director Claire Wavell Plater told insuranceNEWS.com.au she is advising clients to fill out the questionnaire, saying ASIC is “much happier” knowing if someone has not complied and is working towards complying rather than not doing anything at all.
“Breaches and any other issues are unlikely as long as licensees are proactive and upfront rather than resisting compliance,” she said. “We are encouraging clients to be proactive.”