Kuala lumpur: The Federation of Investment Managers Malaysia (FIMM) has issued reprimands to three former consultants involved in unit trust schemes (UTS) and private retirement schemes (PRS) for violating FIMM’s consolidated rules. The individuals reprimanded are Noormariyatul Asyeela Mohamad Ali, Choo Wei Jer, and Lai Zheng Lit.

According to BERNAMA News Agency, the public reprimands aim to emphasize that FIMM is committed to taking action against non-compliance with its regulations. This step serves as a deterrent to UTS and PRS consultants, underscoring the importance of adhering to FIMM’s rules when marketing and distributing these schemes in Malaysia to safeguard the interests of investors.

Noormariyatul Asyeela, who was associated with Kenanga Investors Bhd, faced reprimand for misconduct involving acceptance of cash, misappropriation of funds, falsification of investment statements, and forging an investor’s signature. Choo, a consultant with Phillip Mutual Bhd (PLM), was reprimanded for making arrangements with another consultant and issues related to fit and proper criteria. Lai, also with PLM, was reprimanded for unauthorized transactions, making arrangements with another consultant, and fit and proper concerns.