I extracted this chart from a factsheet which its fund is rated "5 Star" by a rating agency. Look at the performance:

The blue color is the index which the fund is measured against. The red color is the fund's performance assuming no sales charge. The green color is the fund's performance assuming a sales charge of 5%. Is it worth paying 1.5%pa management fee to get this kind of performance? Goodness, can the regulator do something about this? Is there no law in Singapore? The fund's performance over 2 years was 28.2% pa bid-bid. The index return is 38.8% pa!! This represents an underperformance of nearly 10% pa!.  I have been telling my colleagues - why don't we just invest our client's money in index funds and we charge 1.5%pa management fee? Our portfolio will be the best in Singapore and yet we can still earn a decent living !!!