I also received a email from my Public Mutual agent but I overlook it since I was flooded with tons of unread email. Looks like the unit trust consultant in question is really in deep hot soup. He/She could be the most wanted enemy among the thousands of Public Mutual agents. You seriously don't want to be that guy!! But it is quite common to see some agents showing comparison data between unit trust & EPF returns. I guess EPF just pissed off this time and decided to give a spat on the hand.
My agent sent an email yesterday 11am, saying that Public Mutual will not accept new transactions using EPF monies. And around 2pm, another email was sent informing the uplifting. Looks like this crisis was resolved in just 3 hours?!
Luckily the suspension was uplifted, if not this will seriously impact the rice bowls of the unit trust agents. Competition in this field is very tight.
From TheStar
KUALA LUMPUR: The Employees Provident Fund (EPF) has lifted the suspension of Public Mutual Bhd’s services as an approved fund management institution.
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
Yes, received a same thing. So what happen to that guy now? Maybe he should start a blog. :)
The guy/gal may not be able to work in the unit trust industry if his/her face is revealed to the public.
I think he/she is very very unlucky to be caught doing it. Must have pissed off some big shot in EPF?!
Or EPF runs out of money and try find a way to escape?
This is absurd. I smell excuse, not a reason. This happens everywhere - else how are people convinced to use EPF to invest in unit trust? It's like prohibiting kids not to have casual sex, but they do it anyway without being caught by the parents. Either some EPF staff made a dumb move by suspending, then higher ups come to rectify/revert this OR Public Mutual management went into Code Red negotiation with EPF pronto.
@ChampDog,
There is no way to "bank rush" EPF unlike what happen on major US banks during the financial crisis.
Perhaps, Genneva Gold most likely to experience it if the investors' starts to lose faith.
@Lieucf,
Haha. True. Perhaps this will teach the unit trust agents to always the detergent ad tactics.
"Ini ialah cap jenama X dan ini ialah Public Mutual" lol