KUALA LUMPUR: The Federation of Investment Managers Malaysia (FIMM) has issued public reprimands against three former Unit Trust Scheme (UTS) and Private Retirement Scheme (PRS) consultants for breaching its Consolidated Rules (FCR) and Code of Ethics.

In a statement, FIMM named Nur Syuhaida Rozaidi, Farah Nabilah Yacob, and Zaidi Mohamed as the individuals whose misconduct was reported by their former distributors.

Effective October 1, 2024, Syuhaida and Farah will be barred from registering with FIMM for five years, while Zaidi will be permanently prohibited from future registration.

FIMM's investigation revealed that Syuhaida and Farah breached Paragraph 3.1 of the Code and Rule 4.2.1 of the FCR by fabricating four payslips belonging to three customers and submitting them in financing facility applications.

Zaidi was found guilty of violating Paragraphs 3.1, 3.2, and 4.1(c) of the Code by forging an investor's signature, executing unauthorized investment transactions, and neglecting the best interests of two investors.

"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 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 PRS in Malaysia to protect the interests of the investing public," it added.

https://www.nst.com.my/business/corporate/2024/11/1139746/fimm-sanctions-three-former-consultants-misconduct