What happens if a licensee fails to provide the required privacy notice?

A licensee who fails to provide the required privacy notice is subject to disciplinary action or penalties. This is because privacy laws are put in place to ensure that individuals' personal information is protected and that they are informed about how their data will be used. Failing to comply with these laws can lead to serious implications for a licensee, including fines, sanctions, or even revocation of their license. Providing the privacy notice is an obligation that is designed to uphold consumer rights and maintain trust in the financial system. Thus, consequences exist to enforce compliance and protect consumers' personal information from misuse.