THE Federation of Investment Managers Malaysia (FIMM) reprimanded former HSBC Bank Malaysia Bhd unit trust scheme (UTS) consultant Yogeswari A/P Alfred for misconducts/breaches of FIMM’s Code of Ethics and Rules of Professional Conduct (Unit Trust Funds), Second Edition (FIMM’s Code).
Yogeswari was found to be in breach of Clause 3.3.1 of FIMM’s Code, which was for marketing and distributing unit trust funds which are not distributed by HSBC to its customers.
The clause prohibits UTS consultants from representing more than one principal.
It also requires them to only deal in unit trust funds of their principal or those distributed by their principal.
The clause prohibits the making of any arrangements, in whatever manner, to market and distribute unit trust funds of other unit trust management companies or those distributed by other institutional unit trust advisers or corporate unit trust advisers.
Yogeswari has been barred from future registration with FIMM, effective Nov 27, 2020.
FIMM stresses that action will be taken against those who fail to comply with any rules issued by FIMM.
To protect the interests of the investing public, UTS and private retirement scheme (PRS) consultants are reminded to observe FIMM’s rules when marketing and distributing UTS and PRS. – Jan 4, 2021
