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 released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
