Via John Kehoe who is doing a great job on this:
A commission loophole for stockbrokers and financial advisers opened up by the Coalition government contributed to investors losing out on $1.6 billion in sharemarket returns last year, according to new analysis.
The revelation comes as a separate survey by Morningstar’s Firstlinks showed that only about 30 per cent of advisers agreed they could act in the best interests of clients while accepting commissions from fund managers for selling newly floated listed investment companies (LICs) and listed investment trusts (LITs).
About 65 per cent of advisers disagreed, admitting it was a conflict of interest.
Just shut it.
