Amid the ongoing furor over the mutual fund trading scandal, three fund luminaries, , Jack Bogle, Mercer Bullard and Don Phillips, weighed in with Morningstar on what reforms the industry needs to embrace to fix its inherent flaws.

The trio agreed that better disclosure would significantly help inform investors, who are often given such vital information as the selling broker's compensation, the fund's operating costs and potential conflicts of interests, only after they have purchased a fund. Bullard, head of shareholder advocacy group Fund Democracy and a former Securities and Exchange Commission staffer, said a point-of-sale document would allow investors to consider that information before making an investment decision.

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