Kuala Lumpur, 6 August 2019
For immediate release.
PUBLIC REPRIMAND AGAINST TAN CHEE NUM (A FORMER UNIT TRUST CONSULTANT – FIMM No: 022-0-21497)
The Federation of Investment Managers Malaysia (“FIMM”) has reprimanded Tan Chee Num (“Tan”), 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”).
Tan was found to be in breach of Clause 3.1.3(a), Clause 3.1.7(a) and Clause 3.3.5 of FIMM’s Code for misappropriating a potential investor’s money amounting to RM5000 that was credited to Tan’s personal bank account for purposes of investment in a unit trust fund. Further, Tan misrepresented himself by showing the potential investor a business card not related to Kenanga Investors Berhad (“KIB”) while being registered as a UTC of KIB.
Clause 3.1.3(a) of FIMM’s Code requires a UTC, at all times, to act with honesty, dignity and integrity.
Clause 3.1.7(a) of FIMM’s Code requires a UTC to not misrepresent or recklessly represent his qualifications or that of the principal he represents.
Clause 3.3.5 of FIMM’s Code requires a UTC to neither accept cash nor have it credited into their personal bank account from investors for purposes of investment in unit trust funds.
Tan’s misconduct as mentioned above was identified and notified by KIB to FIMM which have resulted in FIMM taking a disciplinary action against Tan.
The Public Reprimand was imposed on Tan 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 Tan is currently not a UTC registered with FIMM, Tan has been barred from future registration with FIMM effective 10 July 2019.
The investing public is reminded to refrain from giving cash or have it credited into unit trust or private retirement schemes consultants’ personal account for investment purposes. The investing public is also advised not to pre-sign any investment application forms and ensure receipt of investment statement upon investing.
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:
Mr. Jegatheesan Govintharaj
Legal & Regulatory Affairs, FIMM
Tel: 03-2093 2600