ACCC to release report on AMP bid for AXA AP

insurance/platforms/axa-asia-pacific/ACCC/financial-planning/national-australia-bank/wealth-insights/life-insurance/

10 February 2010
| By Caroline Munro |
image
image
expand image

The Australian Competition and Consumer Commission (ACCC) will release its findings on AMP’s now defunct bid for AXA Asia Pacific (AXA AP) today. The report is expected to give an indication of the areas of concern that may affect the National Australia Bank (NAB) bid.

There has been speculation that the ACCC is specifically investigating the impact of NAB’s acquisition of AXA AP on the Australian platforms market. Recent research by Wealth Insights has revealed that control of the Australian platforms market has nearly halved in the past four years. The market is now dominated by three of the nation’s big four banks. It is expected that the situation will only be exacerbated should the acquisition of AXA AP by NAB go through.

The ACCC is expected to release its findings on the NAB bid on March 18, and in the meantime it has asked for comment on the overlap of AXA AP and NAB’s operations in the areas of life insurance, superannuation, financial planning and advisory services, investment platforms and fund management.

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 1 day 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 6 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 4 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND