Public Reprimand Against Muhammad Ikhwan Bin Zulkafli (FIMM No: 009-0-114407)

Public Reprimand (2020 – Ikhwan)

Kuala Lumpur, 2 July 2020

For immediate release.


The Federation of Investment Managers Malaysia (“FIMM”) has reprimanded Muhammad Ikhwan Bin Zulkafli (“Ikhwan”), a former unit trust scheme (“UTS”) consultant 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”).

Ikhwan was found to be in breach of Clause 3.1.3(a) and Clause 3.3.5 of FIMM’s Code for committing the following misconducts:

  1. Accepted cash amounting RM1,500.00 from an investor for the purpose of UTS investment;
  2. Misappropriated the said RM1,500.00 by not investing it in UTS investment as intended by the investor; and
  3. Provided forged copies of Accounts Returns to the investor giving the impression that the RM1,500.00 has been invested in UTS and to conceal the misconducts.

Clause 3.1.3(a) of FIMM’s Code requires UTS consultant at all times, to act with honesty, dignity and integrity.

Clause 3.3.5 of FIMM’s Code prohibits UTS consultants from accepting cash or have it credited into their personal bank account from the investors for purposes of investment in unit trust funds.

The Public Reprimand was imposed on Ikhwan to send a strong message to deter other UTS consultants from committing similar misconducts and to safeguard the interest of the investing public and the industry.

Additionally, Ikhwan has been barred from future registration with FIMM effective 4 June 2020.

The investing public is reminded to refrain from giving cash or have it credited into UTS or Private Retirement Scheme (“PRS”) consultants’ personal account for investment purposes. The investing public is also advised not to pre-sign any investment application forms and ensure official receipt of investment is received from the Distributor of UTS or PRS. If any detail or information in the receipt is inaccurate, please check with the Distributor.

For more information on matters related to UTS/PRS and investor protection, please visit

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
Email: [email protected]

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