KUALA LUMPUR: The Federation of Investment Managers Malaysia (FIMM) has publicly reprimanded a former unit trust scheme (UTS) consultant for misconduct under FIMM’s Consolidated Rules (FCR).
FIMM said the former consultant was found to be in breach of Rules 4.1.1, 4.2.1 and 4.3.1(f) of the FCR for submitting a falsified academic certificate as part of her application for registration as a UTS Consultant.
Nadiatul Umairah Sahirah Ishak, a former UTS consultant of Kenanga Investors Bhd, has been barred from registration with FIMM for two years, effective April 7, 2026.
"The disciplinary committee’s decision was imposed after factoring in the various mitigating and aggravating factors applicable to the case," it said in a statement.
According to FIMM, 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 Malaysia or other authorities.
"This public reprimand is imposed to send a strong message that FIMM will take action against those who fail to comply with any rules issued by FIMM.
"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 added. - Bernama
