We are aware of the backlog of cases that clog the Jamaican court system, and of the usual long delays before matters are heard, and between the time they are heard and judgements delivered.

All, of course, is not the fault of judges, who are forced to work in difficult circumstances, with limited resources. But acknowledgement of these difficulties does not change the truth of the maxim that justice delayed is justice denied.

This is what is happening in the case between David Smith's investment club, Olint, and the regulatory agency, the Financial Services Commission (FSC). In this case, the denial of justice is not only for the protagonists, but the society at large.

What is at stake is legal certitude about the status of such schemes and what ought to be the role and responsibility, if any, of the Government in protecting the public from these so-called investment vehicles.

Olint, so far as is publicly known, trades in foreign exchange, offering its investors extraordinarily high returns - over 100 per cent in annualised interest. The FSC and others have, to put it mildly, been suspicious of the capacity of Olint and similar institutions to pay such lavish interest.

That is part of the reason why the FSC has sought to bring Olint under its policing umbrella, saying that it is required to have a licence from the commission to conduct business as a trader in securities, and in providing investing advice to the public. Except that Olint says that it does not do the latter, since it is a private investment club, catering to its members.

In March, the FSC raided Olint's office, having issued a cease-and-desist order on Smith and his organisation. Olint challenged the jurisdiction of the FSC to issue such an order against it. That matter was heard by Justice Marva McIntosh.

In the months since that case, several othe investment schemes, offering stratospheric interest rates, have surfaced in Jamaica. Thousands of Jamaicans have put money in them. But there are concerns that some of these may be Ponzi schemes - worse. Many people worry about their viability and who would bear the cost if they collapsed.

Prime Minister Bruce Golding has warned that it will not be the Government. Their investors, he has said, could, in such an eventuality, expect no bailout from the Government. According to the PM, a clear government policy for dealing with these institutions will have to await rulings in cases now before the courts. The stability of the financial system and broader economic confidence could rest on what happens with these schemes.

It is important, therefore, that Justice McIntosh act with greater urgency than is the norm in the courts. Since any ruling will be appealed to the end, the longer the delay in delivering the finding, the greater the denial of justice, and the worse it will be for the community.