Public Reprimand (2020 – Zarith)
Kuala Lumpur, 2 July 2020
For immediate release.
PUBLIC REPRIMAND AGAINST WAN MHD JUNNID BIN WAN YAACOB (A UNIT TRUST CONSULTANT – FIMM No: 030-0-20717)
The Federation of Investment Managers Malaysia (“FIMM”) has reprimanded Wan Mhd Junnid bin Wan Yaacob (“Junnid”), a unit trust scheme (“UTS”) consultant for misconducts/breaches of FIMM’s Consolidated Rules (“FCR”).
Junnid was found to be in breach of Rule 4.3.1(c) of FCR read together with Rule 4.2.1 of the FCR for allowing the involvement of a person who is not registered with FIMM to market and/or distribute UTS.
Rule 4.2.1 of the FCR requires a Distributor or Consultant to continuously satisfy the fit and proper criteria upon registration. Failure to satisfy any of the fit and proper criteria constitutes a non-compliance of these Rules and FIMM may suspend or revoke such registration or take such other action as it deems fit.
Rule 4.3.1 (c) of FCR states that the factors set out below are relevant to the assessment of the honesty, integrity and reputation of a person. The factors include, but are not limited to, whether the person —
(c) has engaged in any business practices appearing to FIMM to be deceitful or oppressive or otherwise improper (whether unlawful or not) or which otherwise reflect discredit on his method of conducting business.
The Public Reprimand was imposed on Junnid to send a strong message to deter other UTS consultants from committing similar misconduct and to safeguard the interest of the investing public and the industry.
Additionally, Junnid’s registration as a UTS consultant with FIMM has been suspended for a period of one (1) year effective 4 June 2020 to 3 June 2021. As such, during the suspension period, Junnid is not allowed to be involved in any manner whatsoever in the marketing, promoting and/or distributing any UTS and/or Private Retirement Schemes.
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