Our Blog
AML/CTF Reforms: what you need to know
Key dates for the reforms The AML/CTF reforms are set out in stages, affecting both existing and newly regulated entities. As a reminder: Existing providers: Changes to your obligations will come into effect on 31 March 2026. Newly regulated entities (Tranche...
Kit Legal Pty Ltd – Response to proposals for reportable situations and IDR data publication
As you can see from our submission to ASIC, we are strongly against ASIC’s proposal to publish firm level reportable situation and IDR data. Hopefully there are enough voices of reason in this consultation. Please feel free to lodge your own submission in addition to...
7 things we learnt from the DOD Bookkeeping case
7 things we learnt from the DOD Bookkeeping case That ASIC is absolutely focused on ensuring that financial advice is tailored to individual client needs and that remuneration structures do not compromise the quality of advice. That remuneration structures should not...
Response to Improving Access to Affordable and Quality Financial Advice draft legislation
Submission to Treasury’s consultation on draft legislation to simplify the existing Statement of Advice. We welcome the opportunity to respond to the draft legislation covering the first tranche of the ‘Improving access to affordable and quality financial advice’...
Wholesale client thresholds set to stay as is, at least for a while
The Parliamentary Joint Committee on Corporations and Financial Services recently released its Report on Wholesale Client Tests, recommending that no immediate changes should be made to the current thresholds. This inquiry was initiated in response to concerns that...
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...