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EPF Lifts Suspension Of Public Mutual’s Services As Approved Fund Management Institution

The Employees Provident Fund (EPF) board has lifted the temporary suspension on Public Mutual Bhd’s Services As Approved Fund Management Institution effective on 30 October 2012.

The suspension on Public Mutual was done because a unit trust consultant(UTC)  who distributed unauthorised flyers in Shah Alam.

It’s called unauthorised flyers because it don’t not follow the guideline set according to EPF’s rules and regulations.

I heard the UTC was sacked by the Public Mutual with immediate effect to show their disapproval. The unauthorised flyers advertise a tie-up between Public Mutual Bhd.

Good news to all the unit trust consultants and investors as Public Mutual continues to be an approved fund management institution under the EPF Members’ Investment Scheme.

The Public Mutual Bhd in a statement today has issue a reminder to all UTC to use only sales and marketing materials, including materials that make any reference to EPF or with EPF logo, that is approved by the company.

Official Statement by the Public Mutual on KWSP Lift Public Mutual’s Temporary Suspension of EPF Sales

Public Mutual was temporarily suspended from conducting Employee Provident Fund (EPF) sales by Kumpulan Wang Simpanan Pekerja (KWSP) on 29 October 2012.

However, KWSP has decided to lift the temporary suspension on 30 October 2012, after the company’s explanation that the violation was made by one unit trust consultant (UTC) who did not adhere to the company’s stern reminders on the KWSP rules and regulations.

With the lifting of the suspension by KWSP, Public Mutual continues to be an approved fund management institution, under the EPF Members’ Investment Scheme.

Public Mutual has always reminded all UTCs that they are not permitted to use any sales and marketing materials, including materials that make any reference to EPF or with EPF logo, other than those approved by the company.

Public Mutual does not condone any violation made by any UTC to the KWSP rulings. In view of the seriousness of this matter, the company has taken immediate appropriate action against the said UTC who has violated the KWSP rulings.

This entry was posted on Tuesday, October 30th, 2012 at 9:37 pm and is filed under EPF, Investment, Mutual Fund. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

One Response to “EPF Lifts Suspension Of Public Mutual’s Services As Approved Fund Management Institution”

  1. Just wondering why not clarify with Public Mutual first before making the announcement?