***Newsflash*** ACCC blocks NAB's bid for AXA
The Australian Competition and Consumer Commission (ACCC) has again blocked National Australia Bank's proposed acquisition of AXA Asia Pacific.
The ACCC said it maintained its initial opposition of the bid on the basis that NAB's revised bid, which included divesting AXA's North platform to IOOF, did not "provide sufficient certainty that the ACCC's competition concerns will be addressed".
The ACCC considered that IOOF did not have sufficient distribution capability to provide an effective competitive constraint on existing key players in the foreseeable future, and as such, competition, particularly in the platform space, would be constrained if NAB's proposed acquisition was allowed to proceed.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
