Amid the furor over the mutual fund trading scandal, three fund industry experts, Mercer Bullard, Jack Bogle and Don Phillips, told Morningstar that the industry needs to embrace several reforms to fix its inherent flaws.

The trio agreed that better disclosure would significantly help inform investors, who are often given vital information such as the selling broker's compensation, the fund's operating costs and potential conflicts of interests that might exist, after they have purchased a fund.

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