In a statement today, FIMM said 14 former consultants submitted falsified academic certificates as part of their application for registration as UTS and PRS consultants to the respective distributors, which were then forwarded to FIMM.

This included 12 consultants from Kenanga Investors Bhd, and one each from Public Mutual Bhd and RHB Bank Bhd.

The 14 ex-consultants were barred from registration with FIMM for either a year or two years effective Oct 12.

Meanwhile, a former consultant of Principal Asset Management Bhd was found to have forged an investor’s signature on a switching transaction form to perform an unauthorised switching on Nov 22, 2021, without the investor’s consent.

The person was barred from registering with FIMM for two years, effective Oct 12, 2023, and is required to attend training on FIMM’s code of ethics.

“These public reprimands are imposed to send a strong message that FIMM will take action against those who fail to comply with any rules issued by FIMM,” said the federation, reminding consultants to protect the “interests of the investing public”.