NZ regulator okays AMP bid for AXA AP
AMP has won a small strategic victory in its bid for AXA Asia Pacific (AXA AP) with the New Zealand Commerce Commission granting it a clearance.
AMP announced to the Australian Securities Exchange (ASX) today that it welcomed gaining clearance from the New Zealand regulator and restated its claim that a merger between AMP and AXA AP’s Australian and New Zealand businesses would “create a fifth pillar in the critically important financial services sector”.
The AMP announcement said the merger would create a stronger wealth manager to better serve the Australian and New Zealand communities.
The New Zealand Commerce Commission’s announcement said that it was satisfied the proposed acquisition would not have, or would be not be likely to have, the effect of substantially lessening competition in any of the affected markets in New Zealand.
In the meantime, National Australia Bank (NAB) is continuing its negotiations with AXA AP and the Australian Competition and Consumer Commission (ACCC) in a bid to overcome the Australian regulator’s concerns at the manner in which NAB’s bid would be likely to skew the platforms market.
Recommended for you
As the first quarter of 2024 comes to a close, Money Management looks back on the corporate regulator’s bans and AFSL cancellations in the financial advice sector.
Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.
Liberal senator Slade Brockman has said the government needs to have a “cold hard look” at the level of regulation in the financial advice space and the costs of running a business.
FAAA chief executive, Sarah Abood, has warned changes in the first tranche of the QAR legislation around advice fees documentation could create more work for advisers rather than less.