KUALA LUMPUR (Oct 13): The Federation of Investment Managers Malaysia (FIMM) has reprimanded eight unit trust scheme (UTS) and/or private retirement scheme (PRS) consultants for their misconduct or breaches of FIMM’s Consolidated Rules (FCR).

In a statement on Friday, the FIMM said the eight consultants are Shaziman Roszalan, Affandi Zakaria, Syahrial Lutfi Ahmadzon, Izwan Jais, Azhar Alias, Dayang Eryka Abang Murhassan, Khairunnisa Ishak and Syaiful Nazry Khair Johary.

Shaziman, Affandi and Syahrial were barred for a year, while the others were barred for two years effective Sept 14.

FIMM added that all of the consultants reprimanded were found to have been in breach of Clauses Rule 4.1.1, 4.2.1 and 4.3.1(f) of FIMM’s code.

Clauses Rule 4.1.1 and 4.2.1 require a UTS, which are registered with FIMM to be fit and proper and continuously satisfy the fit and proper criteria upon registration.

Clauses Rule 4.3.1(f) concerns UTS and PRS consultants who had been untruthful or provided false or misleading information to FIMM or Securities Commission or any other authorities or bodies, whether in Malaysia or elsewhere.

“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 the federation.

“This is to deter UTS and PRS consultants from committing any misconducts, and reminding 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 said.

“Their misconduct was detected via FIMM’s surveillance efforts and notifications from Kenanga Investors Bhd to FIMM,” it added.