KUALA LUMPUR: The Federation of Investment Managers Malaysia (FIMM) has reprimanded Ismail Md Hashim, a consultant for the Unit Trust Scheme (UTS) and Private Retirement Scheme (PRS), for his misconduct and violation of FIMM's code and regulations.
Ismail, a UTS and PRS consultant for Public Mutual Bhd (Public Mutual), allegedly engaged in a few misconducts that Public Mutual discovered.
Without the investor's prior knowledge or consent, he carried out a withdrawal from their Employee Provident Fund (EPF) account in order to make a UTS investment with Public Mutual (investment transaction).
Ismail allowed the investor to pre-sign and pre-thumbprint the investment application form and EPF form, which were then used to perform the investment transaction.
Additionally, he falsified the investor's and his downline's signatures on the suitability assessment form.
He had also assigned or allocated sales of the investment transaction to his downline without the knowledge of his downline or the investor.
Ismail has been barred from registering with FIMM for a period of two years, with effect from Dec 5, 2023.
Under Rule 6.6.1(b)(v) of the FCR, Ismail must attend training on "FIMM's Code of Ethics" in the event that he chooses to re-register with FIMM after the barring period.
This public reprimand is intended to act as a strong warning that anyone who violates any of FIMM's policies will be subject to repercussions from the organisation.
This is a reminder to UTS and PRS consultants that, in order to protect the interests of the investing public and deter them from engaging in any misconduct, compliance with FIMM's regulations is crucial when marketing and distributing UTS and PRS in Malaysia.
