INVESTORS and analysts want the government to outlaw the hefty 10pc commissions paid to the promoters of managed investment schemes (MIS) such as those sold by failed companies Timbercorp and Great Southern.
In submissions to a parliamentary inquiry, financial planners and accountants have come under fire for the commissions they received for getting investors to take up the agricultural products.
Investors have sunk $10 billion into rural managed investments over the past decade, according to a report in The Australian Financial Review.
In his submission to the inquiry, Donald Ross, the managing director of Maccacorp, which runs macadamia schemes, said the first area requiring regularity change was, that of commissions.
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