Friday 29 Mar 2024
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KUALA LUMPUR (March 4): The Federation of Investment Managers Malaysia (FIMM) has publicly reprimanded Raymond Tan Tian Jwu, a former unit trust consultant (UTC) with Public Bank Bhd (PBB), for breaching its code of ethics related to the selling of unit trust funds that were not distributed by his employer.

"Tan was found to be in breach of Clause 3.3.1 of FIMM's code for dealing with the marketing and distribution of unit trust fund not distributed by PBB whilst he was registered as a UTC under their employment at the material time," FIMM said in a statement today.

The code requires a UTC to only deal in unit trust funds of his principal or those distributed by his principal and which have been approved by the Securities Commission Malaysia, it said.

"The UTC should not make any arrangements, in whatever manner, to market and distribute unit trust funds of other ordinary members or those distributed by other Institutional Unit Trust Advisers (IUTA) or Corporate Unit Trust Advisers (CUTA)," FIMM added.

The public reprimand was intended to send a strong message to other UTCs, deterring them from committing similar misconduct, as well as to safeguard the interest of the investing public and the industry, it said.

Since Tan is currently not a UTC registered with FIMM, the federation has barred him from future registration as a UTC effective Jan 29, 2019, it said.

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