Our Blog
Self-Licensing Case Studies: Results from an Adviser Survey
Prepared by Kit Legal with feedback from their wonderful clients. The Journey to Self-Licensing: What We Learned Flexibility and Control: The Most Cited Benefits One of the recurrent themes in the survey responses was the benefits of freedom and control that...
DBFO update – finally!
The Delivering Better Financial Outcomes (DBFO) legislation received Royal Assent meaning that the FSG changes are now live and the changes to FDS and OFAs will commence on 10 January 2025. Some last minute changes were slipped in which had us all breathing a sigh of...
SMSFs as wholesale clients: a continuing sea of grey
The confusion and debate about wholesale clients and in particular, when a SMSF trustee can be a wholesale client, continues as a recent SMSF Adviser Article points out. Whenever advising a SMSF trustee, the adviser must always carefully consider the nature of the...
QAR Tranche 1 – Progress or Misstep?
The long awaited first tranche of QAR has been tabled, and, as you can see from the commentary flying around, it leaves a bit to be desired and contains some large ‘misses’. From what we see and hear, there’s a fair way to go on this one and the 1 July kick off looks...
ASIC is going hard on greenwashing – what does this mean for you?
What do Vanguard, Morningstar and Mercer Superannuation have in common? They’ve all been hit with enforcement actions in ASIC’s crackdown on greenwashing. 2023 was a watershed year when it came to ASIC’s approach to greenwashing. Morningstar paid out almost $30,000 in...
Investing in the Maze: Will Australia Revamp its Managed Investment Schemes Framework?
This year will be a big year for potential major reforms to the Australian Managed Investment Schemes (MIS) framework. The Australian Treasury’s consultation paper titled “Review of the regulatory framework for managed investment schemes” released in August 2023 has...
Response to Delivering Better Financial Outcomes draft legislation
We welcome the opportunity to respond to the draft legislation covering the first tranche of the Delivering Better Financial Outcomes reforms. While we understand the industry is keen to move quickly on changes that will deliver efficiency, we thank Treasury for its...
Are you willing to say no to a client?
Some clients walk into an adviser’s office with only the broadest goals for their financial future. Others arrive with strong opinions about how and where they want to invest their money. Both ends of the spectrum challenge an adviser, who’s obligated to act in a...
Review of the regulatory framework for managed investment schemes – response to consultation paper
We welcome the opportunity to respond to the issues paper published in August 2023. Kit Legal is a specialist financial services law firm. We act for over 100 financial services firms around Australia, assisting them to comply with their regulatory obligations. Most...
Government finally announces its QAR response
Stephen Jones has finally announced the government’s much anticipated plan for implementing the Quality of Advice recommendations. In an address to the Association of Superannuation Funds of Australia, the Minister announced that the government accepts 14 of the 22...