Experts for the Investment Company Institute and the Securities Industry and Financial Markets Association told Congress Tuesday that reducing conflicts in the stock market could save retail investors money.

Retail investors are hurt by the prevalent fee model in the market, known as maker-taker, which pits the interests of broker-dealers against them, said both Matt Lyons, who chairs the ICI’s Equity Markets Advisory Committee, and Schwab lobbyist Jeff Brown speaking on behalf of SIFMA before the House Financial Services Committee’s Capital Markets Subcommittee.

The ICI leader said retail investors might see savings trading for themselves and through mutual funds trading on their behalf from a revised a market structure that significantly reduces the incentives of brokers to route orders based on the levels of fees and rebates at trading platforms.

He noted brokers typically don’t pass on the fees and rebates to their clients and don’t disclose them to their customers.

Lyons, who is also global trading manager for The Capital Group, parent of American Funds and manager of $1.5 trillion in assets worldwide, called on Congress to push the SEC to look at reducing the conflicts, including greater transparency

Schwab’s Brown said while retail investors have never had it so good buying and selling stocks, improvements in pricing data would make the equity markets even better for them.