JP Morgan is to scraps exit fees for seven of its mutual funds. The bank will no longer offer Class B shares for the funds, but sell only shares of funds that carry upfront sales charges offset by lower expenses later on. Morgan also said it would no longer sell Class C shares of four of the funds either, though they account for a trifling proportion (circa $1 million) of the $1.1 billion in total assets of the seven funds. Regulators have attacked brokers for pushing Class B shares to investors when Class A shares, which offer a discount (or “breakpoint”) when bought in large amounts, are cheaper. Class A shares charge an upfront sales charge, with discounts for larger purchases. B shares lack initial sales charges, but investors pay higher annual fees. With B shares, investors who exit also have to hand over a back-end sales charge, though this declines over time.