Matter of fact

● 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.