Centre for Banking & Finance Law
PeopleResearchers
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Nelson GOH Kian Thong |
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Nelson graduated from NUS and New York University under a concurrent LL.B. / LL.M. program in 2009 and was placed on the Overall Dean's List (10%) for his graduating NUS cohort. He was a Transitional Justice Scholar in NYU and participated in the 6th Center for Human Rights and Global Justice Emerging Human Rights Scholarship Conference. He was called to the Singapore bar in 2010. After spending about 3 years in a leading Singapore firm, he is now practising dispute resolution in a Joint Law Venture with a UK firm. Nelson was awarded the Singapore Academy of Law Overseas Attachment in 2013 where he spent 3 months at the Essex Court Chambers, London. He was also an assigned solicitor of the Legal Aid Bureau in 2012. Research Areas 1. (Reverse Mortgage) Navigating the Minefield of Equity Release Products Equity release products have established themselves as suitable financial products for the elderly in other jurisdictions such as the United Kingdom and Australia, who are asset-rich cash-poor. These products allow elders to mortgage their homes in exchange for regular income or an annuity. According to Government reports, this is no different in Singapore. Indeed, by 2030, about 30% of Singapore's population would be above 60 years old. The twin effect of Singapore's CPF scheme and pro-home ownership policies is that many elders are asset-rich cash-poor, with their wealth locked up in the form of real estate. The recent Housing and Development Board's Lease and Buy-back scheme for public housing heralds the likely influx of equity release products such as the reverse mortgage. This paper seeks to discuss the legal implications of the introduction of such products, and taking guidance from the UK and Australia, discuss the possible means by which Singapore can regulate such products. 2. Banking Documentation and Contractual Estoppel: Commercially Sensible or Anomalous? The novel doctrine of contractual estoppel has entrenched itself in English law vide the Court of Appeal decisions of Peekay Intermark Ltd v ANZ Banking Group [2006] EWCA Civ 386 and Springwell Navigation Corp v JP Morgan Chase Bank [2010] EWCA Civ 1221. Recent dicta by the Singapore Court of Appeal suggest that questions remain as to the applicability of the doctrine. This paper seeks to analyse the development of the doctrine, the utility and criticism of the same. Despite the strong criticisms against the doctrine, it is submitted that the Singapore Courts should adopt the doctrine of contractual estoppel but depart from the English position on the extent to which non-reliance clauses are subject to the Unfair Contract Terms regime. Working Papers
Navigating the Minefield of Equity Release Products |
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