Public Reprimand (2020 – Nur Fathin)
Kuala Lumpur, 2 July 2020
For immediate release.
PUBLIC REPRIMAND AGAINST NUR FATHIN BINTI MOHAMAD TAIB (A FORMER UNIT TRUST CONSULTANT – FIMM No: 031-0-31781)
The Federation of Investment Managers Malaysia (“FIMM”) has reprimanded Nur Fathin Binti Mohamad Taib (“Fathin”), 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”).
Fathin was found to be in breach of Clause 3.1.3(a), Clause 3.3.5 and Clause 3.1.11(g) of FIMM’s Code for committing the following misconducts:
- Accepted cash amounting RM500.00 and RM8,000.00 on different occasions from an investor for the purpose of investment in UTS;
- Allowed the investor to sign blank investment forms for the purpose of topping up her future investments.
- Misappropriated cash amounting RM8,000.00 by not investing in UTS investment as intended by the investor;
- Accepted cash amounting RM1,000.00 from another investor for the purpose of investment in Private Retirement Scheme (“PRS”); and
- Used the agent code of another UTS/PRS consultant, in submitting the said PRS investment to the PRS Provider.
Clause 3.1.3(a) of FIMM’s Code requires a UTS consultant at all times, to act with honesty, dignity and integrity.
Clause 3.1.11(g) of FIMM’s Code requires UTS consultants to conduct all dealings with every care, skill and diligence. In this regard, UTS consultants should:
(g) not request or allow an investor to pre-sign (or pre-thumbprint) any form relating to their investment.”
Clause 3.3.5 of FIMM’s Code prohibits a UTS consultant 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 Fathin 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, Fathin 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 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 www.fimm.com.my
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