ACCC sees AMP as IOOF’s major competitor
The Australian Competition and Consumer Commission (ACCC) has declared it will not be opposing IOOF’s acquisition of MLC Wealth.
The ACCC said it was not opposing the acquisition because IOOF and MLC because feedback from customers, financial advisers and other industry participants “suggested that this deal would not be likely to substantially lessen competition”.
It said that the ACCC’s review indicated that, post-acquisition, IOOF would be competing with and constrained by several other large firms along with a number of smaller firms for the supply of retail platforms.
“For the supply of corporate platforms for superannuation and other retirement income, the review indicated that IOOF would still face significant competition from large industry super funds,” the ACCC said.
“For the supply of financial advice, information provided to the ACCC indicated that IOOF would still only have a market share of approximately 10% post-acquisition, that the market would remain highly fragmented and the merged entity would face competition from AMP, a similar-sized competitor, as well as other smaller firms.”
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