The corporate regulator will audit stockbrokers who are being paid commissions by fund managers and investigate the misselling of poorly performing listed investment funds to retail investors.
Australian Securities and Investments Commission documents obtained under Freedom of Information laws show that stockbrokers and financial advisers Taylor Collison and Morgans Financial were involved in a majority of what ASIC internally called the 10 "worst" deals on listed investment companies (LICs) and listed investment trusts (LITs).
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
