Treasurer Josh Frydenberg has announced he is closing a loophole to prevent mis-selling of listed investment funds to retail investors, by banning sales commissions paid by fund managers to financial advisers and stockbrokers.
Following a review by Treasury and the securities regulator, Mr Frydenberg will ban conflicted remuneration including "stamping fees" for newly floated 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
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
