The NSW Court of Appeal recently re-examined the nature of the duties a trustee owes to its members when entering into a new policy of life insurance. The Court found that a trustee had not breached any duty owed to its members by entering into a group life insurance policy which contained different terms to an earlier policy.
The Court also revisited the relevance of capacity for part-time employment to TPD claims generally. The Court found that, generally, a claimant who can work part-time will not be TPD for the purposes of a ‘typical’ TPD definition.
The Government has today released the first tranche of draft legislation of the Future of Financial Advice (FOFA) reforms. The reforms are proposed to commence on 1 July 2012. Interested parties should consider the changes and the impact on their businesses. Written submissions on the draft legislation are due by 16 September 2011.Practice Areas: Insurance & Financial Services
A recent Federal Court decision considers at length the duties of directors in relation to the preparation of financial statements of listed companies.Author: Paul Anderson Practice Areas: Banking
The Supreme Court has found that it has the power to appoint a trustee to sell property under section 66G of the Conveyancing Act 1919, notwithstanding that there are proceedings in the Family Court which concern that property.Practice Areas: Commercial Disputes & Transactions
The recent case of Power v Power considers the principles of ademption of a gift by Will by a later disposition before the deceased’s death.Author: Paul Anderson Practice Areas: Banking
When is a FOS complaint out of time, and what gives a Court the right to say so?
In this case, the plaintiff challenged a ruling by the Financial Ombudsman Service (FOS) that it did not have jurisdiction to deal with the plaintiff’s complaint against a decision of MetLife Insurance Ltd (MetLife) to terminate salary continuance insurance (SCI) benefits. FOS had determined that the complaint was lodged more than 6 years after the plaintiff became aware of all relevant facts, and so it could not deal with the complaint.
In the matter of Hills v Pioneer Studios Pty Ltd  NSWWCCPD 30 (1 June 2011), (‘Hills’) a worker who attended an after-hours social function with co-workers was found to have sustained an injury arising out of her employment, and employment was also found to have been a substantial contributing factor.
Deputy President Roche concluded that an employer’s ‘suggestion’ to attend an after-hours social function amounted to ‘inducement’. The fact that the employer’s premises were made available for the function was also a significant factor in assessing the connection between the injury and the workplace.
On 15 March 2011 the NSW Court of Appeal handed down its decision in Stephens v Giovenco; Dick v Giovenco  NSWCA 53. The case involved difficult decisions about the duties of care owed by a landlord and his plumber in respect of the state of a partly decommissioned solar hot water system that caused the death by electrocution of a handyman retained by the landlord to fix a leaky roof and, if necessary, to remove the system.Author: Roger Walter Practice Areas: Insurance & Financial Services
A recent decision of the Federal Court has examined the complicated relationship between the Family Law Act and the Corporations Act. It is clear that using processes available under the Family Law Act will not save transactions if they were entered into to defeat provisions of the Corporations Act designed to protect the rights of creditors.Author: Lisa Morrissey