KUALA LUMPUR: The Federation of Investment Managers Malaysia (FIMM) has reprimanded and barred 12 former Unit Trust Schemes (UTS) and Private Retirement Schemes (PRS) consultants for violating FIMM's rules and codes of ethics.
According to FIMM, eight former consultants of UTS and PRS were discovered to have submitted false academic certificates during their registration process as consultants to three financial institutions, namely Kenanga Investors Bhd, Malayan Banking Bhd and Eastsprings Investment Bhd.
The eight are Azlinda @ Amalina Ahmad Fauzi, Koo Pek Lin, Lee May Wan, Siti Norfazlina Azmi, Wan Nur Atiqah Wan Mohd Zulkifli, Hanez Suraya Abdul Aziz, Nor Izzati Rasyidah Rozaimi and Toh Kim Yong.
The eight individuals have been barred from registration FIMM from between one to two years, starting from 10 Jan.
Meanwhile, one former consultant of UTS and PRS, Yap Jian Liang, violated FIMM's Code of Ethics by forging an investor's signature on both a switching form and a Gift Redemption Form.
The person has been prohibited from registering with FIMM for six months, starting from Jan 10, 2024, and must attend training on "FIMM's Code of Ethics" if they choose to reapply for registration after this period.
One former UTS consultant, Hairry Harizan Khalid, broke FIMM's Code of Ethics by putting investor funds meant for UTS into their own personal account and misusing them.
Another UTS consultant, Mohamad Haikal Abdullah, also broke FIMM's Code of Ethics by taking cash from three investors for UTS investments and misusing the money.
A different former UTS consultant, Mohd Fadil Ismail, violated various parts of FIMM's Code of Ethics by taking cash from an investor, investing it in an unauthorised scheme, falsifying product brochures, and changing the investor's details.
Hairry, Mohamad Haikal and Mohd Fadil are prohibited from registering with FIMM in the future, starting from 10 Jan.
The misconducts of Atiqah, Azlinda, Hanez and Siti were detected via notification from Kenanga Investors.
The misconducts of Yap were detected via notification from Citibank Bhd.
The misconducts of Haikal were detected via notification from Public Mutual Bhd.
While the misconducts of Fadil were detected via notification from PMB Investment Bhd.
The misconducts of Hairry, Izzati, Koo, Lee, and Toh were detected by FIMM's registration department.
"These public reprimands are 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/or PRS consultants from committing any misconduct and reminding 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.