KUALA LUMPUR (Sept 12): The Federation of Investment Managers Malaysia (FIMM) has publicly reprimanded a unit trust schemes (UTS) and private retirement schemes (PRS) consultant for breaching the federation’s rules.

Izzah Syazalina Mohd Sari was found to be in breach of  FIMM’s Code of Ethics and Rules of Professional Conduct (Unit Trust Funds), for requesting pre-signed/pre-thumbprinted investment forms from an investor, said FIMM.

“Clause 3.1.11(g) of FIMM’s Code requires UTS/PRS consultants to conduct all dealings with every care, skill and diligence and should not request or allow an investor to pre-sign (or pre-thumbprint) any form relating to their investment,” the federation said in a statement.

Izzah, who was attached to Principal Asset Management Bhd at the time of the offence, has been suspended from registration with FIMM for three months effective Aug 17, and is required to attend training and courses relating to the FIMM Code.

“During the suspension period, Izzah is not allowed to be involved in the marketing, promoting and distributing of UTS and PRS directly, or indirectly through other UTS/PRS consultants,” the federation said.

FIMM said the public reprimand was imposed to send a strong message that it will take action against those who fail to comply with any rules issued by the federation.

“This is to deter UTS and PRS consultants from committing any misconduct and remind 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,” it added.