Kuala Lumpur, 4 March 2019
For immediate release.
PUBLIC REPRIMAND AGAINST RAYMOND TAN TIAN JWU (A FORMER UNIT TRUST CONSULTANT – FIMM No: 547-I-22557)
The Federation of Investment Managers Malaysia (“FIMM”) has reprimanded Raymond Tan Tian Jwu (“Raymond”), a former unit trust consultant (“UTC”) for misconducts/breaches of FIMM’s Code of Ethics and Rules of Professional Conduct (Unit Trust Funds), Second Edition dated 22 January 2013 (“FIMM’s Code”).
Raymond 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 Public Bank Berhad (“PBB”) whilst he was registered as a UTC under the employment of PBB at the material time.
Clause 3.3.1 of FIMM’s 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. 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 IUTA or CUTA.
Raymond’s misconduct as mentioned above was identified and notified by PBB to FIMM which have resulted in FIMM taking a disciplinary action against Raymond.
The Public Reprimand was imposed on Raymond to send a strong message to deter other UTCs from committing similar misconduct and to safeguard the interest of the investing public and the industry.
In addition to the above, since Raymond is currently not a UTC registered with FIMM, Raymond has been barred from future registration with FIMM as a UTC effective 29 January 2019.
About Federation of Investment Managers Malaysia
The Federation of Investment Managers Malaysia (FIMM) was established in 1993 to support the development of the investment management industry. On 20 January 2011, FIMM was recognised as a Self-Regulatory Organisation (SRO) by Securities Commission Malaysia. As an SRO, FIMM regulates and supervises its members and registered persons to strive for the highest level of integrity and standards of practice that will best serve the investment management industry and promote investor protection.
For more information about this press release, please contact:
Ms. Chong Chyi Ming
Corporate Communication, FIMM
Tel: 03-2093 2600