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 3 weeks ago

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

2 months 4 weeks ago

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

5 months ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

2 weeks ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 5 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND