The Federation of Investment Managers Malaysia (FIMM) recently reprimanded 2 former Unit Trust Scheme (UTS) and Private Retirement Scheme (PRS) Consultants for their misconducts/breaches 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 and PRS Consultants at all times to:
- act with honesty, dignity and integrity.
Clause 3.3.5 of FIMM’s Code prohibits UTS and PRS Consultants from accepting cash nor have it credited into their personal bank accounts from investors for purposes of investment in UTS and PRS.
Additionally, since Reza and Low are currently not registered as UTS or PRS Consultants, they have 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 PRS Consultants from committing any misconduct and reminding them that it is crucial to observe FIMM’s rules when marketing and distributing UTS and PRS in Malaysia to protect public interest.
The public is reminded to refrain from giving cash or have it credited into UTS or PRS Consultants’ personal account for investment purposes. The public is also advised not to pre-sign any investment application form 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.