Property agent Ng Ser Leong has been fined $6,000 and suspended for seven months from conducting estate agency work for failing to conduct work with due diligence and care for a vulnerable client (Property agent punished for lack of due care; Sept 23).
The punishment appears relatively light.
If such an incident occurs in the financial sector, the punishment would be many times more severe, with a possibility of being banned for life.
The Council for Estate Agencies needs to send a strong deterrent signal to tell other agents that such actions will not be tolerated.
This incident also shows that the property industry needs further regulating.
When a veteran agent commits such offences, even when he is fully aware of the dangers involved, it is not a good sign.