Sunday Times

Mat­ter of fact

- Business

● In the ar­ti­cle “Trickle of re­lief for syndicatio­n in­vestors” pub­lished on the Money page of Busi­ness Times on Au­gust 5, com­ments by the Fi­nan­cial Ad­vi­sory and In­ter­me­di­ary Ser­vices (Fais) om­bud, Naresh Tulsie, about the rul­ings is­sued against bro­kers who sold prop­erty syn­di­ca­tions, were sum­marised to con­vey that “he said he was ac­tively en­gag­ing with bro­kers, their pro­fes­sional in­dem­nity in­sur­ers and the reg­u­la­tor to en­sure that rul­ings were not chal­lenged”.

A more ac­cu­rate re­flec­tion of what the om­bud said is that he was ac­tively en­gag­ing with bro­kers and their pro­fes­sional in­dem­nity in­sur­ers in an at­tempt to re­solve com­plaints with­out re­sort­ing to is­su­ing de­ter­mi­na­tions, and was also en­gag­ing with the reg­u­la­tor when trends and pos­si­ble in­ap­pro­pri­ate con­duct were iden­ti­fied.

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