Public reprimand by FIMM against former Unit Trust Scheme Consultant

SHAH ALAM 6 April - The Federation of Investment Managers Malaysia (FIMM) recently reprimanded an individual (former Unit Trust Scheme (UTS) consultant) for misconduct/breach of FIMM’s Code of Ethics and Rules of Professional Conduct (Unit Trust Funds), Second Edition dated 22 January 2013 (FIMM’s Code), as follows:

Clause 3.1.3(a) of FIMM’s Code requires UTS Consultants at all times to: (a) act with honesty, dignity and integrity.

Clause 3.3.5 of FIMM’s Code prohibits UTS Consultants from accepting cash nor have it credited into their personal bank accounts from the investors for purposes of investment in unit trust funds.

Additionally, since Junaiza is currently not registered as UTS Consultant, she has been barred from future registration with FIMM. This Public Reprimand is imposed to send a strong message that FIMM will take action against those who fail to comply with any rules issued by FIMM.

This is to deter UTS and Private Retirement Scheme (PRS) Consultants from committing any misconducts and reminding them that it is crucial to observe FIMM’s rules when marketing and distributing UTS and PRS in Malaysia to protect the interests of the investing public.

The investing public is reminded to refrain from giving cash or have it credited into UTS or PRS Consultants’ personal account for investment purposes.

The investing public is also advised not to pre-sign any investment application forms and ensure that the official receipt of investment is received from the Distributor of the UTS/PRS. If any detail or information in the receipt is inaccurate, please check with the Distributor. - DagangNews.com