Stockbrokers and fund managers have hit back at the federal ban on listed fund commissions, warning it could deter quality products from coming to market and create an uneven playing field for investors.
On Thursday, Treasurer Josh Frydenberg announced the federal government would outlaw stamping fees paid to licensed financial advisers for placing client money in new floats for listed investment companies (LICs) and listed investment trusts (LITs) in a bid to end "conflicted remuneration".
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
