Another public voice is attacking the mutual fund industry's fee practices. With the SEC increasingly questioning mutual fund practices, financial writer Chuck Epstein has published an 11-part series of articles on his new website, mutualfundreform.com, to address fees in the fund industry.

In the new article, "The Deception Series," Epstein attacks fund fees as both excessive and hidden, and he argues that fees can create conflicts of interests between funds' shareholders and funds' investment advisors.

Epstein specifically zeroed in on 12b-1 fees, also a favorite topic of late for the SEC. He estimates that fund shareholders pay about $12 billion of those fees each year.

Additionally, Epstein notes that revenue sharing agreements have directly tapped into the net investment returns of shareholders, and he argues this presents an ethical problem for advisors. 

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