Published: Tuesday October 30, 2012 MYT 5:59:00 PM
EPF lifts temporary suspension of sales by Public Mutual
KUALA LUMPUR: The The Employees Provident Fund (EPF) board has lifted the temporary suspension on Public Mutual from conducting the EPF sales which was imposed on Monday after a unit trust consultant distributed unauthorised flyers in Shah Alam.
Public Mutual said the EPF had decided to lift the temporary suspension on Tuesday after the company's explanation that the unit trust consultant did not adhere to the company's stern reminders on the EPF rules and regulations “With the lifting of the suspension by the EPF, Public Mutual continues to be an approved fund management institution, under the EPF Members' Investment Scheme,” it said in a statement.
Public Mutual said it always reminded all unit trust consultants that they were 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. It added that it did not condone any violation made by any unit trust consultant to the EPF rulings.
“In view of the seriousness of this matter, the company has taken immediate appropriate action against the said unit trust consultant who has violated the EPF rulings,” it said.