The consultant performed ‘switching’ transactions from one account to another to generate sales commission.
UTS and PRS consultants are prohibited from executing excessive redemption and purchase of unit trusts using the same investment proceeds.
FIMM said it had reprimanded Stephanie Christopher Ramesh, who was at the material time a UTS and PRS consultant at RHB Bank Bhd, for misconduct and breach of its revised Code of Ethics.In a statement today, FIMM said she was found to be in breach of clauses 4.3 and 4.5 of its revised Code of Ethics.
Under clause 4.3, UTS and PRS consultants are prohibited from performing “churning” by executing excessive redemption and purchase of UTS using the same investment proceeds into one or more funds.
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