KUALA LUMPUR, Sept 10 — The Federation of Investment Managers Malaysia (FIMM) recently reprimanded three former unit trust scheme (UTS) and private retirement scheme (PRS) consultants for misconduct and breaches of FIMM’s Consolidated Rules (FCR).

FIMM said in a statement that the consultants were also found to have breached its code of ethics and rules of professional conduct.

FIMM said former UTS consultant of Malayan Banking Bhd Mohd Nur Aliff Hasroni failed to provide clear explanations on the features and sales charges of a fixed deposit bundled with Amanah Saham Nasional Bhd’s (ASNB) sukuk investment to two investors, besides forging their signatures. He has been barred from registration with FIMM for three years, effective August 5, 2026, and publicly reprimanded. 

Former UTS and PRS consultant of Principal Asset Management Bhd, Nor Azlina Omar, was found to have submitted seven UTS redemption forms bearing forged investors’ signatures, carried out seven unauthorised UTS redemptions amounting to RM163,963.82 from an investor’s investment accounts.

FIMM said she also obtained access to the investor’s bank account through the investor’s automated teller machine (ATM) card and online banking facilities and misappropriated RM79,700 between December 27, 2018 and March 21, 2019. She has been barred from future registration with FIMM and publicly reprimanded. 

Former UTS consultant of Public Mutual Bhd, Mohamad Firdaus Ahmad, was found to have accepted RM15,000 in cash from an investor for a UTS investment and RM1,000 from another investor into his personal bank account. He also misappropriated the monies received from the investors and provided falsified investment documents to them. It said that Firdaus has been barred from registration with FIMM for five years, effective August 5, 2026, and publicly reprimanded. 

“The disciplinary committee’s decision was imposed after factoring in the various mitigating and aggravating factors applicable to the respective cases,” FIMM said. The public reprimands were imposed to send a strong message that it would take action against those who fail to comply with its rules, it added.

“This is to deter UTS and/or PRS consultants from committing any misconduct and to remind them that it is crucial to observe FIMM’s rules when marketing and distributing unit trust schemes and/or private retirement schemes in Malaysia to protect the interests of the investing public,” it said. — Bernama