KUALA LUMPUR: The Federation of Investment Managers Malaysia (FIMM) recently reprimanded a former Unit Trust Scheme (UTS) and former Private Retirement Scheme (PRS) consultant for allowing an investor to pre-sign investment forms.
In a statement issued today, the association said Liew Kim Tchiu was found to be in breach for allowing an investor to pre-sign three transaction forms in relation to her UTS investments during a meeting in October 2019.
These forms were subsequently used for the purpose of UTS investments on November 8, 11 and 14, 2019.
The action was found to be in breach of FIMM's rule for consultants to conduct all dealings with every care, skill and diligence.
In this regard, a consultant should not request or allow an investor to pre-sign (or pre-thumbprint) any form relating to their investment."
FIMM said the 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/or PRS consultants from committing any misconducts 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.