KUALA LUMPUR, Oct 13 (Bernama) -- The Federation of Investment Managers Malaysia (FIMM) recently reprimanded two former Unit Trust Scheme (UTS) consultants for their misconducts/breaches of FIMM’s Code of Ethics.
In a statement, FIMM said the persons reprimanded were PMB Investment Bhd's former UTS consultant, Masafaruddin Mohd Shah, and Kenanga Investors Bhd's former UTS consultant, So Kim Eng.
They were found to be in breach of Paragraphs 3.1, 3.5, 4.3(f), and 4.4(e) of FIMM’s Code.
It said Masafaruddin’s misconduct was detected by his former distributor after he accepted pre- signed and/or pre-thumbprinted investment forms from two investors and performed UTS investments amounting to RM66,000 on Dec 16, 2022 and RM50,000.00 on Dec 29, 2023, without the investors’ consent.
Meanwhile, So’s misconduct was detected by FIMM after he accepted pre-signed and/or pre-thumbprinted investment forms on Sept 13, 2023 from an investor and submitted a UTS investment form on Sept 20, 2023, amounting to RM54,250, without the investor’s consent.
So had also accepted a pre-signed redemption form on Dec 4, 2023 from the investor and submitted a UTS redemption form on Dec 6, 2023, amounting to RM4,500, without the investor’s consent.
FIMM said these public reprimands are imposed to send a strong message that the federation will take action against those who fail to comply with its rules.
“This is to deter UTS and/or Private Retirement Scheme (PRS) consultants from committing any misconduct and to remind them that it is crucial to observe FIMM’s Rules when marketing and distributing UTS and/or PRS in Malaysia to protect the interests of the investing public,” it said.
-- BERNAMA