Chris Joye at Livewire:
I guess it is not surprising, because I have been repeatedly threatened by vested interests in the LIC/LIT debate with personal attacks unless I withdraw from it…And so it arrived: today a paid representative of the LIC/LIT lobby group LICAT, Dom McCormick, launched a crazy ad hominem assault on me to divert attention away from the public policy question of whether fund managers should be allowed to pay financial advisers large selling fees of between 1% and 3% to push their products to advisers’ retail clients.
For the avoidance of doubt, this should not be a heated debate. It has only become emotive, with lobbyists resorting to these desperate efforts, because there are literally hundreds of millions of dollars of adviser fees at stake, and billions of dollars of fund managers’ enterprise value at risk.
