Kuala Lumpur, 6 August 2019
For immediate release.
PUBLIC REPRIMAND AGAINST NORHAZLINDA BINTI MOHD BASIR (A FORMER UNIT TRUST CONSULTANT – FIMM No: 031-0-32772)
The Federation of Investment Managers Malaysia (“FIMM”) has reprimanded Norhazlinda Binti Mohd Basir (“Norhazlinda”), 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”).
Norhazlinda was found to be in breach of Clause 3.1.3(a) and 3.3.5 of FIMM’s Code for making redemptions amounting to RM10,205.85 and RM16,293.31 (“Moneys”) respectively from an investor’s unit trust investment account and caused the Moneys to be credited into her personal bank account instead of the investor’s bank account.
Clause 3.1.3(a) of FIMM’s Code requires a UTC at all times, to act with honesty, dignity and integrity.
Clause 3.3.5 of FIMM’s Code requires a UTC to neither accept cash nor have it credited into their personal bank accounts from the investors for purposes of investment in unit trust funds.
Norhazlinda’s misconduct as mentioned above was identified and notified by Principal Asset Management Berhad (formerly known as CIMB Principal Asset Management Berhad) to FIMM which have resulted in FIMM taking a disciplinary action against Norhazlinda.
The Public Reprimand was imposed on Norhazlinda 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 Norhazlinda is currently not a UTC registered with FIMM, Norhazlinda 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: +(60)3 – 2093 2600