KUALA LUMPUR: The Federation of Investment Managers Malaysia (FIMM) has reprimanded Raymond Tan Tian Jwu, a former unit trust consultant (UTC) for misconducts/breaches of FIMM’s Code of Ethics and Rules of Professional Conduct (Unit Trust Funds), Second Edition dated Jan 22, 2013.
Tan was found to be in breach of Clause 3.3.1 of FIMM’s Code for dealing with the marketing and distribution of unit trust fund not distributed by Public Bank Bhd (PBB) while he was registered as a UTC under the employment of PBB at the material time.
Clause 3.3.1 of FIMM’s Code requires a UTC to only deal in unit trust funds of his principal or those distributed by his principal and which have been approved by the Securities Commission. The UTC should not make any arrangements, in whatever manner, to market and distribute unit trust funds of other Ordinary Members or those distributed by other IUTA or CUTA.
Tan’s misconduct was identified and notified by PBB to FIMM which have resulted in FIMM taking a disciplinary action against him.
“The public reprimand was imposed on Tan to send a strong message to deter other UTCs from committing similar misconduct and to safeguard the interest of the investing public and the industry,“ FIMM said in a statement.
Since Tan is currently not a UTC registered with FIMM, he has been barred from future registration with FIMM as a UTC effective Jan 29.
