The Globe and Mail reports in its Friday edition that discount brokerages will be banned from selling mutual funds that have charged investors fees for advice they did not receive. The Globe's Clare O'Hara writes that on Thursday, regulators finalized rules that will ban fund companies from paying trailing commissions to discount brokerages, starting June 1, 2022. At the same time, discount brokerages are prohibited from accepting or soliciting similar commissions from fund companies. Discount brokers have never been allowed to provide advice to investors under regulatory rules, but they have often collected fees known as trailing commissions on funds that have an advice fee bundled in. Investors may have incorrectly paid $5-billion in commissions for these funds since the early 1990s. Now, the Canadian Securities Administrators is putting an end to on-line brokerages selling Series A funds, a type of mutual fund that was originally designed to be sold to clients through investment advisers. These funds can charge a management expense ratio between 1.5 per cent and 2.5 per cent. By comparison, for Series D funds -- designed for do-it-yourself investors that strip out advice fees -- it can be less than 1 per cent.