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 EPF Suspended Public Mutual as Approved Fund Mgr, Suspension starts 29th October, 2012

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king7eric
post Oct 30 2012, 03:30 PM

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QUOTE(debbierowe @ Oct 30 2012, 03:19 PM)
so current customer will have to sell all fund and get cash or??
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no need. juz stay invested. all investment before 29 oct will not be affected
leongal
post Oct 30 2012, 03:33 PM

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QUOTE(kusha @ Oct 30 2012, 02:24 PM)
got this msg from my agent

Suspension already uplifted - official letter should be received by today.

Did receive memo that  UTCs are prohibited to use non-authorised advertisements or promotional materials, including materials that make
any reference to EPF or contain any information on fund performance comparison, especially with EPF dividend rates  - if breach, Management
will terminate agency contact
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wat's wrong with the EPF? why r they so afraid of comparisons? rclxub.gif
Great Eastern Agent
post Oct 30 2012, 03:53 PM

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QUOTE(debbierowe @ Oct 30 2012, 03:19 PM)
so current customer will have to sell all fund and get cash or??
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Its just a temporary suspension, no need to worry. It's just because some consultant breaks the rules & guidelines so EPF are very strict & dont allow any one using their name & logo for comparison in brochures & in some websites which not approved even by PMB. EPF have no choice showing that they are very serious about this issue. nod.gif nod.gif
dexterhau
post Oct 30 2012, 03:54 PM

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QUOTE(kusha @ Oct 30 2012, 02:24 PM)
got this msg from my agent

Suspension already uplifted - official letter should be received by today.

Did receive memo that  UTCs are prohibited to use non-authorised advertisements or promotional materials, including materials that make
any reference to EPF or contain any information on fund performance comparison, especially with EPF dividend rates  - if breach, Management
will terminate agency contact
*
Meaning that PM is back to business taking EPF Fund?
simonlai61
post Oct 30 2012, 04:02 PM

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QUOTE(daniellehu @ Oct 30 2012, 07:09 AM)
Please be informed that the services of Public Mutual Berhad (IPD Code 03) as Approved Fund Management Institutions (IPD) under the EPF Members’ Savings Investment Withdrawal have been suspended with effect from 29 October 2012.

Accordingly Public Mutual Berhad (IPD Code 03) is prohibited from opening accounts for EPF members and/or receiving credit transfers from EPF members commencing from 29 October 2012. However, the IPD is still responsible for managing existing members’ investments, if any, transferred before 29 October 2012.

You may click the link below as to verify this announcemnt

http://www.kwsp.gov.my/portal/en/web/kwsp/...ment-institutes
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May I know suspended for what reason? Mind to share??? Sorry for lazy read the previous thread.... tongue.gif
Great Eastern Agent
post Oct 30 2012, 04:19 PM

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QUOTE(dexterhau @ Oct 30 2012, 03:54 PM)
Meaning that PM is back to business taking EPF Fund?
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yes! infact EPF already lifted the suspension just now in the afternoon..We receive the news from our branch manager.


Added on October 30, 2012, 4:23 pm
QUOTE(simonlai61 @ Oct 30 2012, 04:02 PM)
May I know suspended for what reason? Mind to share??? Sorry for lazy read the previous thread.... tongue.gif
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Suspension already uplifted - official letter should be received by today.

because of unit trust consultant.UTCs using non-authorised advertisements or promotional materials, including materials that make
any reference to EPF or contain any information on fund performance comparison, especially with EPF dividend rates.

This post has been edited by Great Eastern Agent: Oct 30 2012, 04:23 PM
bohemian.rhapsody
post Oct 30 2012, 04:26 PM

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Yes... no more suspension.... some of the agents already know why EPF so butthurt....hahaha.... epf is so stupid and lame.....
debbierowe
post Oct 30 2012, 04:37 PM

so fast 6 stars di...
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eh.. that link... just now i saw suspended...

now i seee.... edited! no more (suspended 29 OCT) u all go and c
hhlimhh
post Oct 30 2012, 04:38 PM

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QUOTE(daniellehu @ Oct 30 2012, 07:54 AM)
I understand the anger and frustration in you but let's keep our cool for the time being. Do observe the actions taken by relevant parties as to solve this issue. It is best as not to accuse any parties for no reason nor prove.
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It is the authority duty to inform the public or stake holder what is happening! Failing to do so reflect their lack of professionalism and invite critism. Therefore, your line of "it is best as not to accuse any parties for "NO REASON" nor prove" is very confusing.
KamikazePg
post Oct 30 2012, 05:59 PM

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http://bernama.com/bernama/v6/newsbusiness.php?id=705624

EPF Lifts Suspension Of Public Mutual's Services As Approved Fund Management Institution

KUALA LUMPUR, Oct 30 Bernama) -- The Employees Provident Fund (EPF) has lifted the suspension of Public Mutual Bhd's services as an approved fund management institution from Tuesday.

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 has 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.

-- BERNAMA
TSdaniellehu
post Oct 30 2012, 06:04 PM

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Thank you everyone for your inputs! Appreciated your views on this issue. Since the suspension has been lifted, it is time for us to close this thread and move on with our life!

Again, thank you very much!

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