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FIMM reprimands eight former unit trust and private retirement scheme consultants

Publish date: Tue, 21 May 2024, 11:21 AM

KUALA LUMPUR (May 21): The Federation of Investment Managers Malaysia (FIMM) recently reprimanded eight former unit trust scheme (UTS) and/or private retirement scheme (PRS) consultants for their misconducts/breaches of the FIMM’s Consolidated Rules (FCR), Code of Ethics and Rules of Professional Conduct (Second Edition), or Code of Ethics (Third Edition).

In a statement on Tuesday, the FIMM said six former UTS and/or PRS consultants were found to be in breach of Rules 4.1.1 and 4.2.1, read together with Rule 4.3.1(f) of the FCR, for submitting falsified academic certificates as part of their application for registration as a UTS and/or PRS consultant to their respective distributors.

According to the FIMM, these former consultants have been barred from registration with the federation for a fixed period, details of which are listed below:

Meanwhile, the FIMM said one former UTS and PRS consultant was found to be in breach of Clause 3.5 of the FIMM’s Code for dealing with an unapproved investment scheme, which was not recognised, approved or registered for offer or distribution by the relevant laws in Malaysia.

It also said one (1) former UTS consultant was found to be in breach of Clauses 3.1.3(a) and 3.3.5 of FIMM’s Code, and Paragraphs 4.1(b) and 4.3(c) of the FIMM’s Revised Code for:

  1. accepting cash from investors, which was meant for investments in UTS;
  2. misappropriating the said investment money; and
  3. providing falsified account statements/investment application forms to the investors.

The FIMM said these public reprimands are imposed to send a strong message that the organisation will take action against those who fail to comply with any rules issued by the federation, to deter UTS and/or PRS consultants from committing any misconducts, and reminding them that it is crucial to observe the FIMM’s rules when marketing and distributing UTS and/or PRS in Malaysia to protect the interests of the investing public.

It said the misconducts of Ling, Yuzainee, Goh, Suria, Tong and Syahida were detected by the FIMM internally, while the misconduct of Tan was referred by the Securities Commission Malaysia to the federation, and Siti by her former distributor to the FIMM.

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