KUALA LUMPUR: The Federation of Investment Managers Malaysia (FIMM) has reprimanded three former unit trust scheme (UTS) and private retirement scheme (PRS) consultants for breaching FIMM's code.
In a statement issued today, FIMM said it had barred Calvin Lim, Jenny Lim and Chin Peak Qi from registration with FIMM for a fixed period of time.
Calvin Lim was found to have represented more than one principal and also channeled sales to Jenny Lim for a commission.
Jenny Lim was found to accepted sales from Calvin Lim and Chin, paid them commission for the sales and failed to perform "Know-Your-Customer" procedures.
Chin was also found to have represented more than one principal in his dealings with customers and channelled sales to Jenny Lim for a commission.
Calvin Lim has been barred or six months from registration, effective Sep 3, 2024.
FIMM said the 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.
It 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.
The misconduct of Calvin Lim, Jenny Lim, and Chin were reported to FIMM by a member of the public.