KUALA LUMPUR (Jan 7): The Federation of Investment Managers Malaysia (FIMM) has reprimanded a former unit trust consultant for allegedly cheating during its examination.

Suraiya A Aziz, who was with Kenanga Investors Bhd at the time of the alleged offence in May 2022, has been barred from registration for one year effective Dec 4, 2024, the self-regulatory organisation said in a statement on Tuesday. Her misconduct was detected by FIMM internally, the federation said.

“This public reprimand is imposed to send a strong message that FIMM will take action against those who fail to comply with any rules, terms and conditions issued,” it said.

Apart from regulating and supervising 42 asset managers and over 60,000 registered persons, FIMM’s responsibilities also cover enforcement, including imposing sanctions on distributors and consultants dealing with unit trust and private retirement schemes.

Suraiya was accused of breaching Paragraph 3.1 of FIMM’s Code that requires a distributor and consultant to “act honestly and with integrity” at all times.

Further, FIMM also said she violated Consolidated Rules 4.2.1 to be “fit and proper”, failure of which results in a suspension, as well as 4.3.1(k)(iv) that assesses “honesty, integrity and reputation” based on whether a person has been subjected to disciplinary proceedings by their current or former employer.

The public reprimand is to deter any misconducts and “reminding them that it is crucial to observe FIMM’s rules, terms and conditions, and to ensure integrity is maintained at all times,” the federation added.