Wednesday October 31, 2012
EPF lifts Public Mutual suspension
The suspension was lifted yesterday.
In a statement, Public Mutual said this followed its explanation that the violation was made by a unit trust consultant (UTC) who did not adhere to the company’s stern reminders on EPF’s 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.
It said EPF caught the said UTC distributing unauthorised flyers in Shah Alam. Public Mutual said it had always reminded all UTCs 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.
Public Mutual noted that “it does not condone any violation made by any UTC to the EPF rulings.” In view of the seriousness of this matter, the company said, it has taken immediate appropriate action against the said UTC who has violated the EPF rulings.
It was posted on EPF’s website on Monday that Public Mutual’s services as an approved fund management institution under the EPF Members’ Savings Investment Withdrawal had been suspended effective Oct 29. — Bernama