KUALA LUMPUR: The Federation of Investment Managers Malaysia (FIMM) has publicly reprimanded a former unit trust scheme (UTS) consultant for submitting a falsified academic certificate as part of his application for registration as a UTS consultant.
FIMM said that the former consultant, identified as Aqil Mohammad, was found to have breached Rules 4.1.1, 4.2.1 and 4.3.1(f) of FIMM’s Consolidated Rules dated June 1, 2016, which was revised on Oct 10, 2023.
According to the federation, Rule 4.1.1 requires individuals applying to become FIMM distributors or consultants to be deemed “fit and proper”, while Rule 4.2.1 states that registered consultants must continuously meet those standards, failing of which FIMM may suspend or revoke their registration.
Rule 4.3.1(f) concerns the assessment of honesty, integrity and reputation, including whether a person has provided false or misleading information to FIMM, the Securities Commission or other authorities.
In a statement yesterday, the self-regulatory organisation said the former consultant had also been barred from registration with FIMM for one year, effective Feb 5, 2026.
FIMM said Aqil, formerly attached to Kenanga Investors Bhd, had filed an appeal to review the sanctions imposed, but that was dismissed by the Appeal Committee on April 1, 2026.
“The disciplinary committee’s decision was imposed after factoring in the various mitigating and aggravating factors applicable to the case,” it said.
FIMM also said the public reprimand was intended to send a strong message that it would take action against individuals who fail to comply with the federation’s rules.
“This is to deter UTS and/or private retirement scheme (PRS) consultants from committing any misconduct and to remind them that it is crucial to observe FIMM’s rules when marketing and distributing UTS and/or PRS products in Malaysia to protect the interests of the investing public,” it said. — Bernama
