ACCC examines Count Financial acquisition
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.
AUTHOR
Mike Taylor
Recommended for you
ASIC has launched court proceeding against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
