ACCC looks at CBA/BT turf war

ACCC/bt-financial-group/westpac/commonwealth-bank/

14 August 2012
| By Staff |
image
image
expand image

The perceived financial planning distribution turf war between the Commonwealth Bank and Westpac has found its way into the Parliament with a Greens Senator querying comments made by Count Financial's Barry Lambert.

NSW Greens Senator Lee Rhiannon has raised with the Australian Competition and Consumer Commission (ACCC) reported comments by Lambert accusing BT Financial Group of "unsporting behaviour" and breaking an "unwritten code" of not competing.

She asked the ACCC whether it had "ascertained whether the report is correct", and if so, what action the regulator would take.

Rhiannon asked the ACCC whether it believed such unwritten codes existed in other aspects of the finance industry or in other industries and what it could do about them.

The regulator said it was aware of Lambert's statements, but that it did not comment on whether or not any particular matter is under investigation.

"The ACCC is not currently aware of any other unwritten non-compete codes," it said.

The competition regulatory said that when the ACCC became aware of alleged anti-competitive conduct it had a number of tools at its disposal to ensure compliance with the Competition and Consumer Act 2012.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS