WHY EPF suspend Public Mutual???

This business is very lucrative.

Why EPF suspend Public mutual service?

What have they done?

I think EPF should give some reason.

EPF suspends Public Mutual's services

Public Mutual Bhd's services as an approved fund management institution, under the Employees Provident Fund (EPF) Members' Savings Investment Withdrawal, has been suspended effective Oct 29. As such, Public Mutual is prohibited from opening accounts for EPF members and/or receiving credit transfers from members commencing from yesterday, said an announcement posted on the institution's website since yesterday. However, it added that the institution would still be responsible for managing existing members' investments, if any, transferred before Oct 29, 2012.-- BERNAMA

THIS ONE IS DAMN FUNNY, WITHIN 24 hours, EPF retrieve back the suspension note. 

HOW CAN we TRUST our HARD EARNED Money inside EPF???? 

WHY they are so IRRESPONSIBLE??? 

EPF need to give a solid reason, I think no matter how solid is the reason, It didn't justify the decision they had made. Like that also can, apparently it is not EPF fault. 

 Explanation by Public Mutual:

Official Statement by the Public Mutual on KWSP Lift Public Mutual’s Temporary Suspension of EPF Sales Public Mutual was temporarily suspended from conducting Employee Provident Fund (EPF) sales by Kumpulan Wang Simpanan Pekerja (KWSP) on 29 October 2012. However, KWSP has decided to lift the temporary suspension on 30 October 2012, after the company’s explanation that the violation was made by one unit trust consultant (UTC) who did not adhere to the company’s stern reminders on the KWSP rules and regulations. With the lifting of the suspension by KWSP, Public Mutual continues to be an approved fund management institution, under the EPF Members’ Investment Scheme. Public Mutual has always reminded all UTCs that they are 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 does not condone any violation made by any UTC to the KWSP rulings. In view of the seriousness of this matter, the company has taken immediate appropriate action against the said UTC who has violated the KWSP rulings.

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