Ex-consultants reprimanded


In a statement, FIMM said one of the consultants was found to have promoted and distributed RHB Emerging Income Fund (RHB EIF), a unit trust fund offered to sophisticated investors, to an investor who did not qualify as a sophisticated investor.

KUALA LUMPUR: The Federation of Investment Managers Malaysia (FIMM) has reprimanded two former unit trust scheme (UTS) and private retirement scheme (PRS) consultants for misconduct/breaches of FIMM’s Code of Ethics and Rules of Professional Conduct (Unit Trust Funds), Second Edition (FIMM’s Code).

In a statement, FIMM said one of the consultants was found to have promoted and distributed RHB Emerging Income Fund (RHB EIF), a unit trust fund offered to sophisticated investors, to an investor who did not qualify as a sophisticated investor.

“The consultant also failed to give a clear explanation to the investor as to how and where the proceeds from her fixed-deposit account in RHB Bank Bhd amounting to RM90,000 will be invested in, before proceeding to invest the said amount in RHB EIF, ” it said. — Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

IMM , ex-consultants , reprimanded ,

   

Next In Business News

Covid-19 support fund for AXA Affin customers
AmInvest Research ups Hong Leong Bank FV after ESG rating upgrade
Malaysia’s biggest IPO in 2021 said to draw Aberdeen, AIA
Ringgit falls 205bps vs US$ after Fed hints at higher interest rates in 2013
Trade war costs global value chains three to five years of growth, UN says
Blue chips extend losses, tracks key Asian markets
Quick take: Sunway rises on news of digital banking licence bid
Upsides in property sector largely priced in, says Maybank IB
Quick take: Cypark shares fall on news of private placement
Trading ideas: Magni-Tech, CAB Cakaran, Cypark, Sunway, Pharmaniaga

Stories You'll Enjoy


Vouchers