Mum-and-dad investors will be angry if the Future Fund got a heads-up from the federal government on plans to break up Telstra, Family First Senator Steve Fielding says.
The fund, which operates independently of government, sold off a third of its stake in Telstra three weeks ago netting almost $2.4 billion.
It presently holds an 11 per cent stake in the telco.
Telstra is set for the biggest shake-up since privatisation under government plans, announced on Tuesday, to separate the telco giant's retail and wholesale arms.
"Did it have unfair advance notice?" Senator Fielding said of the Future Fund.
If it did and the Telstra share price dropped there could be big losses for mum and dad investors.
"They will rightly be angry if the Future Fund had an unfair advantage," Senator Fielding said.
AAP