AXA reassures advisers North products will stay

AXA/axa-asia-pacific/ACCC/national-australia-bank/money-management/advisers/

11 June 2010
| By Chris Kennedy |
image
image
expand image

AXA has assured its advisers that any potential sale of its Wealth.net platform in the event of a National Australia Bank (NAB) takeover will not include the North products and guarantees attached to it.

In an internal email obtained by Money Management, Adrian Emery, AXA’s general manager sales and marketing, also stressed that neither a NAB acquisition of AXA Asia Pacific Holdings nor a subsequent sale of the Wealth.net platform was assured.

“The Wealth.net platform and the North product are quite distinct and can be separated if required,” Emery said.

“While it is not possible to be sure how NAB and the ACCC’s [Australian Competition and Consumer Commission’s] discussions may progress, we believe it is clear that it is the platform itself and not the products that are the focus of the ACCC’s concern.”

Any transaction relating to Wealth.net would be subject to the NAB offer proceeding and there are still a number of significant steps before any offer is finalised, Emery said.

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