KUALA LUMPUR (May 15): The Federation of Investment Managers Malaysia (FIMM) has reprimanded a former unit trust consultant for performing unauthorised switching transactions.

In a statement on Thursday, FIMM said Noor Hafiza Ghazali, previously a unit trust consultant with Bank Rakyat, was found to have executed the transactions in two accounts for Customer A, as well as in a joint investment account held by Customers A and B, without the knowledge or consent of the account holders.

The misconduct was identified by Bank Rakyat.  

As a result of the findings, Hafiza has been suspended from registration with FIMM for a period of three years, effective April 15.

“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 FIMM,” said the federation.   

“This is to deter UTS [unit trust scheme] and/or Private Retirement Scheme (PRS) consultants from committing any misconducts 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,” it added. 

FIMM is responsible for regulating and overseeing its members and registered individuals, with the aim of upholding high standards of professional conduct across the investment management industry, while prioritising investor protection.