Knesset Committee to Be Asked to Slice Banks’ Fees for Selling Mutual Funds

The banks collect marketing and distribution fees totaling about NIS 500 million annually. If passed, the amendment would reduce the banks’ cut by about NIS 100 million a year.

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Finance Minister Yuval Steinitz is expected to ask the Knesset Finance Committee to approve regulations tomorrow lowering the commissions that banks earn for marketing and distributing mutual funds.