Fidelity Fund
If you have lost money due to theft by a lawyer that happened after 1 August 2008 then you may be able to lodge a claim against the Lawyers’ Fidelity Fund.
There is no compensation available for any loss if you have instructed your lawyer to invest your money in a specified investment or in an investment of the lawyer’s or law firm’s choice.
Claim form and declaration
If you, or your legal advisor, believe you have a claim against the Fund you can complete the claim form and declaration in support of a claim from Lawyers and Conveyancers Act (Lawyers: Fidelity Fund) Regulations 2008.
From 1 August 2008 the maximum amount payable to an individual claimant by way of compensation is $100,000.
Old fund – Solicitors Fidelity Guarantee Fund
If your claim relates to theft that occurred before 1 August 2008 a claim may be made against the Solicitors Fidelity Guarantee Fund set up under the Law Practitioners Act 1982. Claims are not limited to $100,000 under the old fund but the restriction against invested money is the same.
This old fund will continue in existence until:
- the NZLS gives public notice of the last day of making claims
- the NZLS is satisfied that all pre-1 August 2008 claims have been received and fully dealt with and notice to that effect is given to the Minister of Justice
- any claims received in the period of 12 months from the date of the report to the Minister are fully dealt with
- there is an Order in Council declaring the old fund to be wound up.