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

umm.. meaning?

Investor utilising EPF savings to invest in unit trust shall NO LONGER be able to invest under Public Mutual unit trust from 29th October, 2012 onwards.

Why is it suspended?

Why is Public mutual suspended?

Any reasons?

For the time being, the public has the slightest idea.

As usual, Msian authocracy.............ketuanan attitude.

i do what i like, no reasons required........

just message my fund manager and his reply was investment still the same. najib want to use money for election. aiyoooo like that also got ... haishhhh

looks like some "ppl" need to use EPF funds

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.

Many investors use Public M......AnY suspension should come with REASONs..........

Otherwise i have a right to be suspicious especially of gomen servant attitude.

what did public mutual do until got this kind of suspension. i don't believe some "ppl" need to use the EPF funds. kinda worried, coz other Fund Management Institution did not got the suspension

As the suspension is only implemented very recently, majority of Public Mutual UTCs still have the slightest clue that Public Mutual has been suspended. Hence, please be patient.

Obviously, PMB agents have committed certain offences that rendered the suspension necessary.

Anyone knows how long is the suspension?

Good question! What have Public Mutual done as a result to EPF resorting to such drastic measure? This is indeed a good question!

This is a little shocking!

Is PM an approved PRS fund manager?

This is the most probable reason and the suspension period is indefinate.

One major offence committed by agents are promoting online, on blogs, FB and unauthorised use of EPF logos. This carries a heavy penalty.

Good question! Yes, PM is an approved PRS Fund Manager. However, PRS initiative has very little to do with EPF dept, hence I personally do not think it will affect PMB position as an approved PRS Fund Manager in near future.

Ask EPF


http://www.kwsp.gov.my/portal/en/reach-us/enquiry

This is a valid reason, but NOT good enough to suspend the entire company as the posting might be carry out by competitions and it is debatable if this case is brought to the court of laws.

This is just my personal view.

I see this as a good move by EPF to suspense UTMC to rein in those UTCs who practices go against the code of ethics and FIMM & SC regulations.

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Added on October 30, 2012, 8:17 amAs I know UTMC have strict guidelines to adhere to, however enforcement have been severely lacking in the recent years, look at the number of blogs and FB pages promoting UT, UTCs themselves fail to observe the code of ethics set by FIMM. This would have likely caused some UTCs to make some remarks about EPF.

Anyway the days of blog, internet and FB promoting, and cold canvassing at EPFs offices are over now. It is about time UTMC and its UTCs toe the line. Good move by EPF.

This post has been edited by lunchtime: Oct 30 2012, 08:17 AM

Agreed

Hi,

I am a wealth advisor in the industry, and just to share some of the things EPF has done in its effort to safeguard their investor's interests.

Part of its effort is to ensure that investor's invest their money knowingly. Example, to invest using the EPF investment scheme investors have to sign & thumbprint on the forms. However, some consultants committed fraud by 'scanning' the thumbprint & printing them on the official form, as if the client gave permission to invest. EPF has warned the providers to take action & stronger/stricter enforcement on the consultants.

Also, EPF is very strict on its use of logos, name, etc. Even if you open a booth next to their office is prohibited & grounds for termination of your license to practice.

As it stands, it is within their right to suspend a provider to safeguard the interest of the EPF investors.

I read before that epf conduct annual review on fund managers performance to determine whether they stay in the panel of fund houses. Recent year poor performance of PM could be a contributing factor

Hi jutamind,

EPF conduct review of funds on an individual basis, I don't think Public Mutual fund is so bad that they will suspend a whole fund house.

Wonder whether Public Bank will make an announcement to Bursa on this suspension?

i think most Funds would be trespassing these rules, not just Public

Which is why it is about time EPF starts to penalise such UTMCs, therefore a good move by EPF. Start with the big boy, now the small boys will toe the line as well.

Is that fair? ALL who trepass should be suspended as well

What you have posted is about funds review which is different from UTMC suspension. Non perfoming funds are not allowed for EPF investment.

Public mutual has been a better investment house than most other banks like Cimb which offers lower returns
This can't be the story or excuse given to stop the license

Exactly..........Public is one of the better ones in terms of performance

It's either abuse or chinamen bank. Perhaps public bank gave too good returns versus the other bank pressuring them to perform better

I know most of my friends when investing with EPf use public bank only

I see nothing from the link given...PUBLIC MUTUAL BERHAD is still in the list of Appointed Fund Management Institutions... What is the problem here?

Hi sam sam,

Perhaps you are unaware that many companies offer good investment returns even higher than Public Mutual. However, they lack the marketing dollars, number of agents & reach to promote their funds like Public Mutual.

Also, I don't think its a conspiracy like you mentioned. This is usually an enforcement issue, & in my opinion it is probably temporary. My guess right now is Public Mutual has to rectify whatever reasons that caused the suspension.

Lookie agan

OMG... Thanks for your highlight... Gonna call the agent soon...

The latest i got fom my agent this morning:

Worry not... This is just due to misconduct one of NEW agent sbb openly promote ut investment and compare dgn epf return. Marahlah org epf btw today our pm mgmt akan ada meeting with epf.Insya allah everything is gonna be ok... Suspended temporary jer utk new account... Existing no Problem. Price drop?? Dont worry because this is ut.. A collective investment unlike open share market yg easily affected with rumors and bad news. So jgn risau ok.. Will update u from time to time .. Tqvm for yr support!

This post has been edited by bashir3: Oct 30 2012, 09:12 AM

BUT Can you invest in them with your epf monies?

like public index fund has been around almost 20 years as been steady return a good profit throughout the years

I got the same thing from my agent as well... They said PM agent openly condemn EPF Fund Performance. I think because of that EPF beh song la... Then gantung dia punya lesen... =.=' Why EPF act like Small Kid?

Hi sam sam,

Sure, of course. If you see the link in the first post, there are many others companies you can invest in apart from Public Mutual.

It is a valid argument and still, not good enough to put PMB on suspension.

Dats the reason i mentioned the ketuanan attitude of gomen workers

haha!! couldn't agree more! people get punished because they dislike the way you walk or talk!

Good that PM is suspended.
Switching charges so high.
Almost like buying share charges.

as much as we acknowledge the service charge is on the high side, and NOT the switching charge (at RM 25/swicth), I personally feel that this is not the time nor place to complaint about charges which is NOT in line with the title.

The charges are high but their service not bad la...

I hope they will lift up this in 1-2 months time.. then many can continue to invest

Means that even existing can't continue to invest? or just applied to new investor?

Good news guys! I have just learnt that EPF is going to lift the suspension on PMB by the end of the day.

This post has been edited by daniellehu: Oct 30 2012, 11:48 AM

I heard EPF suspend PMB because of their consultant promote PMB by using EPF logo, criticize their returns by doing comparison side by side in brochures & i think this is maybe for temporary only until PMB clarify with EPF.
Hope so!!

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Added on October 30, 2012, 11:48 amHI
I just got news suspension Lifted ready!!

This post has been edited by Great Eastern Agent: Oct 30 2012, 11:48 AM

yeap, received the news as well. PM will recieve an official memo today noon on the upliftment.

good to hear that..

good to hear that.. my client just sms me about this matter and staright away googling. thx for the info guys.

This is just about ketuanan of gomen..similar to incident last week, one kedai siam near my house just got raid becoz of this Mr Immigration Officer was not satisfy waiting too long for his dishes

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

the switching charges will only be rm25 after 90 days.

if not,
switching from balanced/equity fund is 0.75%
switching from bond is 0.25%
switching from Money Market is Rm50

Please take note

any good PM agents out there? i wanna invest my epf acct

so current customer will have to sell all fund and get cash or??

no need. juz stay invested. all investment before 29 oct will not be affected

wat's wrong with the EPF? why r they so afraid of comparisons?

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.

Meaning that PM is back to business taking EPF Fund?

May I know suspended for what reason? Mind to share??? Sorry for lazy read the previous thread....

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 pmSuspension 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

Yes... no more suspension.... some of the agents already know why EPF so butthurt....hahaha.... epf is so stupid and lame.....

eh.. that link... just now i saw suspended...

now i seee.... edited! no more (suspended 29 OCT) u all go and c

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.

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

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!