The competition regulator, the Australian Competition and Consumer Commission (ACCC), has given interested parties until Monday 26 September to comment on the Commonwealth Bank’s intended acquisition of accountancy-based dealer group, Count Financial Limited.
The regulator opened the way for submissions last Friday, and is weighing the impact of the Commonwealth’s acquisition on the broader competitive environment existing in the financial planning and wealth management markets.
While the acquisition is expected to raise a few concerns for the ACCC, the regulator’s last examination of the financial services industry saw it veto the National Australia Bank’s bid for AXA Asia Pacific based on the erosion of competition with respect to platforms.
No similar concerns are expected with respect to the Count acquisition because of the number of similarly sized dealer groups operating in the market.
