Little has changed since ACCC rejected NAB
Little has changed in the underlying market dynamics since the Australian Competition and Consumer Commission (ACCC) rejected the National Australia Bank bid for AXA Asia-Pacific, according to former ACCC chairman Professor Graeme Samuel.
Addressing Money Management's Platforms and Wraps Conference in the Hunter Valley, Samuel denied that his former organisation's decision had been based solely on the status of AXA's North Platform now owned by AMP Limited, but rather on a broader and more complex range of issues relating to the likely competitiveness of the broader wealth management industry.
However he said that while then underlying dynamics had not changed since the ACCC made its decision, this should not preclude a major institution attempting a similar transaction in the future.
"The 2010 rejection of the NAB bid for AXA Asia-Pacific should not be taken to say that a proposal made now would meet with opposition from the ACCC," he said.
Samuel said that it needed to be recognised that the NAB bid was not black and white, that it was complex and had more to do with concerns around vertical integration than with platforms.
He said the notion that the ACCC's decision was based on the future of the North platform reflected the background briefings and lobbying of vested interests, which had reached extraordinary levels during the process.
Recommended for you
While returns and fees are the top priority for older Australians when it comes to their superannuation, more than one in 10 are calling for access to tailored financial advice.
Determinations by the FSCP since the start of 2025 are almost double the number in the same period of 2024, with non-concessional contribution cap errors and incorrect advice among the issues.
Whether received via human or digital means, financial advice is reportedly leading to lower stress and more confidence, according to Vanguard.
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
