EPF suspends Public Mutual's services
Publish date: Tue, 30 Oct 2012, 11:18 AM
Public Mutual Bhd's services as an approved fund management institution, under the Employees Provident Fund (EPF) Members' Savings Investment Withdrawal, has been suspended effective Oct 29.
As such, Public Mutual is prohibited from opening accounts for EPF members and/or receiving credit transfers from members commencing from yesterday, said an announcement posted on the institution's website since yesterday.
However, it added that the institution would still be responsible for managing existing members' investments, if any, transferred before Oct 29, 2012.-- BERNAMA
As such, Public Mutual is prohibited from opening accounts for EPF members and/or receiving credit transfers from members commencing from yesterday, said an announcement posted on the institution's website since yesterday.
However, it added that the institution would still be responsible for managing existing members' investments, if any, transferred before Oct 29, 2012.-- BERNAMA
Discussions
Be the first to like this. Showing 28 of 28 comments
Epf will have no funds to manipulate the market cuz everyone is withdrawing out to public mutual.. oh.. another party also can't borrow from when emergency appeAr.. such as GE13
2012-10-30 12:38
need to know any specific reasons for the (EPF)suspension. is it compliance or any other reasons
2012-10-30 12:38
Ya la ...pity to the UTC . If not mistaken they can get high income thru these type of withdrawals. Now the junior UTC sure find it hard to do marketing... some of them maybe..huhu
2012-10-30 12:58
those glory days for UTC has ended long time already..with the new EPF calculation, the commission they earned not so high already..
2012-10-30 12:59
EPF envy with what Public Mutual is doing. Also wanna keep more $$ in EPF for election.
2012-10-30 13:51
EPF must have solid reasons to bar Public Mutual. comparing EPF rates with their funds return is normal publicity. unit trusts distributors relies 80% sales from EPF withdrawals. can anybody enlighten? reasons for EPF action
2012-10-30 13:57
yes, thats true, the suspension is lifted and tomorrow can start EPF withdrawal, yahoooooo.
2012-10-30 14:24
Grateful to Public Mutual. Excellent returns. Invested 5 yrs using EPF savings, my return was 85%. Just sold off 3 wks ago cos the KLCI is at all-time high !!!
2012-10-30 15:15
pretty strange as Public Mutual is still one of the 8 licensed PRS operators...
2012-10-30 15:20
EPF don't want pple to withdraw then they cannot use EPF funds to shore up lame duck G linked cos. do if smart folks know where to put their money in UT or buy their own.
To be fair. They also help companies during their bad times. EPF bought a lot of rubber and plantation stocks.
2012-10-30 15:53
LOL... some UTC quite aggressively go EPF office there to pull in clients... i'm a public mutual UTC, heard this from agency manager asking us not to do so as EPF there did lotsa complaints to public mutual ady... but i guess some hardcore and stubborn UTC jus dun giv a damn, ended up like this...
2012-10-30 16:03
2molo reopen... the cause is 1 idiot UTC from klang go use EPF logo on his/her own self-made leaftlet etc and distribute to ppl to sell pmutual funds... EPF guys found out, hence the issue...
2012-10-30 16:12
Invested in Public Equity Fund (PEF. NAV = 0.2801 as at 30/10/12. Today Public Mutual declared income distribution of 1.5sen each for PEF.
You should invest when the KLCI undergo correction.
2012-10-31 22:56
Shine,
Generally PM manages the funds well and most funds are giving much better returns than EPF's interest rate over a period of 5 years. The UTC consultant should be able to assist you to decide or you could actually go to the PM website to view the performance chart of each fund.
2012-10-31 23:13
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Hemm...reasons?
2012-10-30 12:33