KUALA LUMPUR (Nov 26): The Federation of Investment Managers Malaysia (FIMM) recently reprimanded three former unit trust scheme (UTS) and private retirement scheme (PRS) consultants for breaching FIMM’s Consolidated Rules and Code of Ethics.

In a statement on Tuesday, the federation said a former UTS consultant at CIMB Bank Bhd, Nur Syuhaida Rozaidi, was found violating Paragraph 3.1 of FIMM’s Code and Rule 4.2.1 of the Consolidated Rules.

FIMM said Syuhaida fabricated four payslips for three customers to facilitate financing applications.

As a result, she is barred from FIMM registration for five years, effective Oct 1, 2024.

Another former UTS consultant at CIMB Bank, Farah Nabilah Yacob, was also found  breaching the same FIMM rules by fabricating three payslips for three customers.

She faces a similar five-year ban from FIMM registration, starting Oct 1, 2024.

Meanwhile, Zaidi Mohamed, formerly with Principal Asset Management Bhd, breached Paragraphs 3.1, 3.2, and 4.1(c) of FIMM’s Code.

He forged an investor's signature, conducted unauthorised transactions, and failed to act in the best interest of two investors.

Specifically, Zaidi performed an unauthorised investment transaction and forged a signature for Investor 1.

For Investor 2, he failed to submit the required KWSP 9N Form for a UTS investment.

As a consequence, Zaidi is barred from future registration with FIMM effective Oct 1, 2024.

"These 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.

"This is to deter UTS and/or PRS consultants from committing any misconduct and to remind 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," said the federation.

FIMM said the misconducts of Syuhaida, Farah and Zaidi were detected via notification from their former distributors.