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

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Great Eastern Agent
post Oct 30 2012, 11:46 AM

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From: Kuala Lumpur, Selangor & Pulau Pinang
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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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.
hmm.gif Hope so!!

Added on October 30, 2012, 11:48 am
QUOTE(Great Eastern Agent @ Oct 30 2012, 11:46 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.
hmm.gif Hope so!!
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HI rclxms.gif rclxms.gif
I just got news suspension Lifted ready!! thumbup.gif

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