As part of the Federation of Investment Managers Malaysia’s (FIMM) digitalisation journey, FIMM will cease issuance of the FIMM Authorisation Card (FIMM Card) to all Unit Trust Scheme (UTS) and/or Private Retirement Scheme (PRS) Consultants (Consultants) effective 21 August 2021.
The FIMM Card is usually issued upon the Consultants’ registration or during their annual renewal of registration with FIMM.
Consequently, investors are advised to verify the registration status of Consultants via the link “Is My Consultant Authorised?” (https://www.fimm.com.my/search/) which is available on FIMM’s website.
Investors will just need to key in either the Consultant’s name, FIMM No. or the NRIC/passport number.
For the Consultants, this will mean that it is no longer necessary to carry the physical FIMM Card when dealing with investors.
With many Consultants already using electronic platforms including social media to perform sales and marketing activities, this initiative can enhance how Consultants conduct their business, enabling them to provide Investors with a better customer experience.
FIMM will continue to enhance the tools made available to perform verification on Consultants. Notwithstanding, the obligations for the Consultants to introduce himself/herself as a registered person and to produce proof of registration remains.
Currently, there are approximately 60,500 Consultants who are registered with FIMM. These Consultants must meet fit and proper requirements set out under the FIMM Rules as well as undergo the necessary training to enhance their professionalism, as part of their continuous registration requirements.
Investors are advised to contact FIMM should they encounter any incidence where a Consultant is carrying out the marketing of UTS and/or PRS activities without having a valid registration status with FIMM.
