EPF suspends Public Mutual's services

Publish date: Tue, 30 Oct 2012, 11:18 AM
Public Mutual Bhd's services as an approved fund management institution, under the Employees Provident Fund (EPF) Members' Savings Investment Withdrawal, has been suspended effective Oct 29.

As such, Public Mutual is prohibited from opening accounts for EPF members and/or receiving credit transfers from members commencing from yesterday, said an announcement posted on the institution's website since yesterday.

However, it added that the institution would still be responsible for managing existing members' investments, if any, transferred before Oct 29, 2012.-- BERNAMA

Discussions
Be the first to like this. Showing 28 of 28 comments

buybackma

Hemm...reasons?

2012-10-30 12:33

omgimnoob

Epf will have no funds to manipulate the market cuz everyone is withdrawing out to public mutual.. oh.. another party also can't borrow from when emergency appeAr.. such as GE13

2012-10-30 12:38

Jonathan Keung

need to know any specific reasons for the (EPF)suspension. is it compliance or any other reasons

2012-10-30 12:38

kentut78

UTC distribute pamplets comparing epf n UT return...

2012-10-30 12:39

lotsofmoney

No more money lah !

2012-10-30 12:47

tonylim

kentut, who is UTC, may I ask

2012-10-30 12:48

buybackma

Maybe unit trusts graphs more steep up than epf when the bull appeared..

2012-10-30 12:50

stock5678

anything wrong to compare with epf return? wondering

2012-10-30 12:51

buybackma

Unit Trust Consultant ma..

2012-10-30 12:52

buybackma

Ya la ...pity to the UTC . If not mistaken they can get high income thru these type of withdrawals. Now the junior UTC sure find it hard to do marketing... some of them maybe..huhu

2012-10-30 12:58

potenza10

those glory days for UTC has ended long time already..with the new EPF calculation, the commission they earned not so high already..

2012-10-30 12:59

buybackma

OIC ...who earned more the CO. ?

2012-10-30 13:03

win3vin

EPF envy with what Public Mutual is doing. Also wanna keep more $$ in EPF for election.

2012-10-30 13:51

Jonathan Keung

EPF must have solid reasons to bar Public Mutual. comparing EPF rates with their funds return is normal publicity. unit trusts distributors relies 80% sales from EPF withdrawals. can anybody enlighten? reasons for EPF action

2012-10-30 13:57

potenza10

MY UTC friend told me the suspended already lifted out...

2012-10-30 14:16

Mr Dave

yes, thats true, the suspension is lifted and tomorrow can start EPF withdrawal, yahoooooo.

2012-10-30 14:24

kentut78

yahooo....lets do more sales!

2012-10-30 14:40

imanameer

Thanks God.

2012-10-30 14:58

Mohd kelmy

kalau betul, mmg sedih

2012-10-30 15:01

ongtkong

Grateful to Public Mutual. Excellent returns. Invested 5 yrs using EPF savings, my return was 85%. Just sold off 3 wks ago cos the KLCI is at all-time high !!!

2012-10-30 15:15

Skipz Yang

pretty strange as Public Mutual is still one of the 8 licensed PRS operators...

2012-10-30 15:20

Abudance

EPF don't want pple to withdraw then they cannot use EPF funds to shore up lame duck G linked cos. do if smart folks know where to put their money in UT or buy their own.
To be fair. They also help companies during their bad times. EPF bought a lot of rubber and plantation stocks.

2012-10-30 15:53

sam2828

LOL... some UTC quite aggressively go EPF office there to pull in clients... i'm a public mutual UTC, heard this from agency manager asking us not to do so as EPF there did lotsa complaints to public mutual ady... but i guess some hardcore and stubborn UTC jus dun giv a damn, ended up like this...

2012-10-30 16:03

ongtkong

sam8282, so is it true Public Mutual has been suspended by EPF ?

2012-10-30 16:07

sam2828

2molo reopen... the cause is 1 idiot UTC from klang go use EPF logo on his/her own self-made leaftlet etc and distribute to ppl to sell pmutual funds... EPF guys found out, hence the issue...

2012-10-30 16:12

ongtkong

Invested in Public Equity Fund (PEF. NAV = 0.2801 as at 30/10/12. Today Public Mutual declared income distribution of 1.5sen each for PEF.

You should invest when the KLCI undergo correction.

2012-10-31 22:56

liew kimguan

for my ex-experience, PAGF, PDSF, PIOF is quite good performance.

2012-10-31 22:59

ongtkong

Shine,
Generally PM manages the funds well and most funds are giving much better returns than EPF's interest rate over a period of 5 years. The UTC consultant should be able to assist you to decide or you could actually go to the PM website to view the performance chart of each fund.

2012-10-31 23:13

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