KUALA LUMPUR (Nov 10): The Federation of Investment Managers Malaysia (FIMM) has reprimanded 15 former unit trust scheme (UTS) and private retirement scheme (PRS) consultants for their misconduct or breaches of the federation’s Consolidated Rules (FCR). 

In a statement on Friday, the FIMM said 14 former UTS and PRS consultants were found to have violated Rules 4.1.1 and 4.2.1 of the FCR, read together with Rule 4.3.1(f), for submitting falsified academic certificates as part of their registration applications with the respective distributors, which were then forwarded to the FIMM.

They comprised 12 UTS and PRS consultants of Kenanga Investors Bhd, namely Muhammad Afif Abdul Nasir, Muhammad Syabil Muzafar, Ezira Assila Zaini, Jeremy So Jhia Shen, Mohd Sani Mohd Said, Mohd Zulhilmi Mustafar, Mohamad Farzrul Hasni, Muhammad Farhan Thahir, Nur Shahira Mohamad, Shashidah Saidi, Izatulubaidah Hassan, and Abdul Manaf Ismail. 

The other two are Lee Shwu Yuh and Ariff Afzan Abdul Halim, UTS consultants of Public Mutual Bhd and RHB Bank Bhd respectively.

As a consequence, all these 14 consultants have been barred from registration with the FIMM for a period for about one or two years effective from Oct 12. 

According to the FIMM, Rule 4.1.1 of the FCR requires any person who applies with the federation for registration as a distributor or consultant to be fit and proper. 

Rule 4.2.1 requires a person who is registered with the FIMM as a distributor or consultant to continuously satisfy the fit-and-proper criteria upon registration.

Failure to satisfy any of the fit-and-proper criteria constitutes non-compliance with these rules, and the FIMM may suspend or revoke such registration or take such other action as it deems fit. 

“Rule 4.3.1(f) states that the factors set out are relevant to the assessment of honesty, integrity and reputation of a person. The factors include, but are not limited to, whether the person has been untruthful or provided false or misleading information to the FIMM or the Securities Commission Malaysia or any other authorities or bodies, whether in Malaysia or elsewhere,” it explained. 

Meanwhile, Rabiatun Adawiyah Shamsudin, who was a PRS consultant of Principal Asset Management Bhd, was found to be in breach of Paragraphs 3.1 and 4.1(c) of the FIMM’s Revised Code for forging an investor’s signature on a switching transaction form to perform an unauthorised switching on Nov 22, 2021, without the investor’s consent.

Rabiatun was barred from registration with the FIMM for a period of two years effective from Oct 12, and is required to attend training on the FIMM’s Code of Ethics should she decide to re-register with the federation after the barring period.

The FIMM stated that Paragraph 3.1 of the Revised Code requires consultants to act honestly and with integrity at all times.

Paragraph 4.1(c) prohibits consultants from committing forgery, including forging signatures of an investor or any other person.

“These public reprimands are imposed to send a strong message that the FIMM will take action against those who fail to comply with any rules issued by the FIMM. This is to deter UTS and/or PRS consultants from committing any misconduct, and reminding them that it is crucial to observe the FIMM’s rules when marketing and distributing UTS and/or PRS in Malaysia to protect the interests of the investing public,” the federation added.