In Brief Special Report 1st August 2018: AML/CFT Litigation

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In Brief Special Report 1st August 2018: AML/CFT Litigation

The Court of Appeal has upheld the decision of the High Court in Xu & Anor v IAG, in a decision that will provide further certainty to insurers in respect of the entitlements of an assignee under an assigned insurance claim.  Following the Court’s decision, it remains the case in New Zealand that replacement benefits in an insurance policy are personal to the original insured, and are incapable of being assigned. 

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A closer look at insurance contract law review

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A closer look at insurance contract law review

The Ministry of Business, Innovation and Employment (‘MBIE’) has recently proposed a review of the law around insurance contracts. The law governing insurance is fragmented, spread across six different acts, some of which are over 100 years old.

MBIE sets two objectives for the issues paper regarding the whole lifecycle of an insurance policy. One, to ensure insurers and insureds can transact with confidence, and two, to make sure all interactions between insurers and insureds are fair, efficient and transparent.

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In Brief: Special Report 18th May 2018

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In Brief: Special Report 18th May 2018

The Court of Appeal has upheld the decision of the High Court in Xu & Anor v IAG, in a decision that will provide further certainty to insurers in respect of the entitlements of an assignee under an assigned insurance claim.  Following the Court’s decision, it remains the case in New Zealand that replacement benefits in an insurance policy are personal to the original insured, and are incapable of being assigned. 

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Anti-money laundering rules to kick in shortly for lawyers and conveyancers

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Anti-money laundering rules to kick in shortly for lawyers and conveyancers

‘Phase 2’ of the shake-up of New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) legislation is just around the corner.

From July 2018, lawyers, conveyancers, and trust and company service providers will need to begin complying with the AML/CFT Act’s strict reporting and monitoring requirements. Other entities that will come within the ambit of the Act include accountants from 1 October 2018, real estate agents from 1 January 2019, and the New Zealand Racing Board and high-value dealers from 1 August 2019.

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Legislative changes for brokers coming soon

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Legislative changes for brokers coming soon

The legal and regulatory framework for insurance brokers (and other financial advisers) is set to change substantially when the Financial Services Legislation Amendment Bill is passed later this year.  

The Bill has been drafted in response to a number of problems with the existing regime for financial advice, which was said to be “hindering investor confidence, participation in financial markets and informed decision making”. It is intended that the Bill will address these problems by ensuring consumers can access the financial advice they need and by improving the quality of financial advice provided.

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Best Friends Cocktail Evening

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Our Best Friends Cocktail evening was held on the 27th February at our new offices on Level 18. Friends from Clyde & Co offices in Australia, Singapore and beyond were present as well as Fee Langstone staff and clients.

Guests were offered a range of specially designed cocktails including Promissory Espresstoppel, Spritzgerald v Muldoon, Interim Ginjunction, Harvey Specter Wallbanger and the Donoghue v Stevenson. 

The night ended with everyone braving the wind to enjoy a glass or two on the rooftop at Level 19 overlooking the harbour. 

Many thanks to all who came, especially those from afar. 

Building (Earthquake-prone Buildings) Amendment Act 2016

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Building (Earthquake-prone Buildings) Amendment Act 2016

Building (Earthquake-prone Buildings) Amendment Act 2016

The Building (Earthquake-prone Buildings) Amendment Act 2016 which came into force on July 1, 2017 brings radical changes to the methodologies by which local councils, engineers and building owners will carry out assessments and deal with earthquake-prone buildings.  These changes are limited to commercial buildings and residential buildings that comprise of two or more stories and three or more household units.

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Fee Langstone ranked in Top Tier

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The Legal 500 Asia Pacific 2018 rankings were announced last week and Fee Langstone is delighted to have been ranked as a Top Tier Firm for Insurance.  Philippa Fee and Craig Langstone are listed in the elite "Leading Lawyers" list, The Legal 500 Asia Pacific 2018's guide to outstanding lawyers in Asia Pacific.
Virginia Wethey is listed in the "Next Generation Lawyers" list, recognising up-and-coming lawyers.
 

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UK Supreme Court Makes Dishonesty Ruling on High Stakes Gambling Case

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UK Supreme Court Makes Dishonesty Ruling on High Stakes Gambling Case

When Mr Ivey won £7.7m at Crockfords casino over three consecutive nights, he could not believe his luck. However, the painstaking techniques Mr Ivey had used to win such a huge sum were called into question when the casino refused to pay out, claiming he had cheated. The UK Supreme Court determined that Mr Ivey had indeed cheated and took the chance to transform the test for dishonesty in criminal law and confirm the test for civil actions.

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Limitation periods – the crucial question of when tax liability arises

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Limitation periods – the crucial question of when tax liability arises

For negligence cases initiated near the tail end of a limitation period, determining the ‘date of loss’ is often crucial. In this recent case concerning negligent tax advice, the Supreme Court considered whether a vendor’s income tax liability arose the moment they entered into an unconditional agreement to sell land, or only once settlement occurred.

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