There is a family of trading malpractices whose natural habitat lies in dealing in funds. It came into prominence in 2003 with the eruption in the United States of what came to be known as the mutual funds scandal. Despite measures taken since then, variants of these malpractices persist unchallenged. This survey is a sketch of the landscape. It focuses on open-ended equity funds for retail investors and aims to shed light on these malpractices, on how they are perceived by regulators and on the regulatory response to them in the United Kingdom and France. It reflects, from the perspective of our ethical intuitions, on the adequacy of that response and on how well it accords with our treatment of other abusive practices involving informational advantages.