Kit Legal Pty Ltd | Lawyer & law firm

Kit Legal Pty Ltd

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22.01.2022 Currently claims handling and settling are excluded from the definition of ‘financial service’ meaning that you do not require an AFSL to provide these services. This may change from the new year, assuming the passage of a Bill which proposes to legislate a number of recommendations coming out of the Financial Services Royal Commission, including removing this claims handling exclusion. More from Jodi on the draft information sheet here: https://lnkd.in/g3Shcj5

21.01.2022 Can I avoid giving a foundation SOA? We get asked a lot of questions around when a new SOA is required to be provided to clients and most recently in relation to when Foundation SOAs are required for advisers either moving dealer groups or getting their own AFSL. After a considerable amount of consultation with ASIC we believe we have clarity on the issue. Catherine outlines the situation here: https://lnkd.in/g6EsMe8

21.01.2022 ASIC continues to focus its enforcement activities on holding financial services businesses to account for making false, misleading and deceptive representations. Rosie breaks down what this means for businesses operating in the industry. ://https://lnkd.in/gjzBCyx

19.01.2022 We have a very specific business goal for 2021 and that is we want Catherine to be able to take a holiday and we mean a proper, phone off, time with kids, sitting by the pool with a cocktail and a book holiday. For us to achieve this goal we need more lawyers! We think we have the absolute dream team in terms of skill and attitude, and we are looking for one (maybe two, possibly even three) lovely lawyers to join our superstars. So, if you are someone, or know someone who ha...s: Rosie’s wonderful can-do attitude and devout love of bubbles (the drinking variety that is), Anna’s sharp as tack legal know how and dry as sense of humour, Jodi’s massive smarts and contagious giggle, Catherine’s never any problems approach to clients and ridiculously large level of humility, could you please send yourself/them our way? Seriously, if this has piqued your interest please read more about what we're looking for on our website: https://lnkd.in/gVBvGx4

17.01.2022 Kit FAQs: Anna answers one of our client's most FAedQ; When is a breach required to be reported to ASIC? Watch below!

15.01.2022 ASIC has called for comments on its draft reference checking and information sharing protocol and associated information sheet, which set out proposed new reference checking obligations for licensees employing or authorising a financial adviser or mortgage broker. Jodi covers off on what you need to know and the practical implications for your business here: https://lnkd.in/geVmhfC

14.01.2022 Melbourne's loss is our gain and as such we are thrilled to introduce Lisa Sculley to the team! Lisa joins us with a diversity and wealth of legal experience that will be so valuable to our team but more importantly an asset to our clients. After moving from Melbourne, Lisa took a sabbatical to prioritise her young family, a massive tick in the Kit Legal book as it demonstrates an alignment to our family first philosophies. We are excited to watch Lisa fly now that she has the chicks half way out of the nest and is back in the game. Welcome Lisa, thanks for choosing us!

14.01.2022 Want to know one of our proudest moments at Kit this year? The delivery of our newest baby, the Digital Compliance Platform (DCP)! The launch is the culmination of four years of trial, many hours of hardcore content writing and so much testing but the benefits it's going to provide for our clients and our team make all the effort worthwhile! Importantly, the DCP allows us to deliver into two of Kit's base philosophies - "to help as many people as we can" and "make complex stuff simple". Want more info or a demo? Please get in touch with Adam via [email protected]

14.01.2022 Another question that is often asked of us by advisers when discussing the possibility of self-licensing is whether there is any personal liability attached to being a Responsible Manager. Catherine gives a straight answer here: https://lnkd.in/eYwR658

11.01.2022 A recent decision by the High Court of Australia in Westpac Securities Administration Ltd v Australian Securities and Investments Commission has clarified the difference between general and personal financial advice, and in doing so, provides a reminder of the risk of inadvertently providing personal advice. Jodi gives us the facts you need to know here: https://lnkd.in/gDvX3qu

10.01.2022 The settlement of a case brought against REST by a super fund member has potential legal implications not only for Super Funds but also for any Investment Managers and Advisers who fail to consider ESG principles as a part of investment approach and advice. Rosie provides an outline of what you need to know, the risks and our recommendations here: https://lnkd.in/gjkU7Me

09.01.2022 We have been waiting all year for the FDS, annual opt in and annual consent changes that were foreshadowed some time ago. The Bill will be debated in the new year and so the changes are not yet final. Given the large impact these changes will have for some advisers Catherine has summarised the key information as it stands at today’s date here: https://www.kitlegal.com.au//annual-opt-in-and-consent-fd/

07.01.2022 ASIC is currently seeking information on the issues and impediments that exist around advisers delivering affordable personal advice. Submissions are due by 18 January 2021. You can submit your views online via the link on page 4 of the Consultation Paper here: https://lnkd.in/gsPNfZ2. We will be making a submission, see the items we will be raising here: https://lnkd.in/gYhCVSB

06.01.2022 Kit Legal stands behind the call by Chartered Accountants Australia and New Zealand, CPA Australia, Financial Planning Association and the Institute of Public Accountants to ASIC for a review of the industry funding model, and to remove, or at least, reduce the latest levy increase. We are witnessing the detrimental effect of the increases firsthand amongst our clients, large and small and are acutely aware of the dismay currently felt by the industry in general. This is an i...ncrease that is fundamentally unfair and is placing a disproportionate burden upon financial advisers who, in our experience are usually attempting to do the right thing. Come 1 July the burden on advisers will increase with further fee disclosure and fee consent obligations. It seems very unfair for the regulator to not have the same accountability when it comes to industry levies. We welcome our clients and other industry participants to contact us if they want to discuss this issue further. Read more about the industry levy via Money Management Australia: https://lnkd.in/gEpWFJY

02.01.2022 What's included when you subscribe to our Digital Compliance Platform, lovingly referred to as the DCP? Policies, procedures, templates and checklists drafted by legal experts? Real time updates to those documents to ensure you're constantly compliant? ... And that's just the start.......want to know more? Get in touch with Adam and he will be more than happy to give you a demo with a smile