***Newsflash*** ACCC blocks NAB's bid for AXA
The Australian Competition and Consumer Commission (ACCC) has again blocked National Australia Bank's proposed acquisition of AXA Asia Pacific.
The ACCC said it maintained its initial opposition of the bid on the basis that NAB's revised bid, which included divesting AXA's North platform to IOOF, did not "provide sufficient certainty that the ACCC's competition concerns will be addressed".
The ACCC considered that IOOF did not have sufficient distribution capability to provide an effective competitive constraint on existing key players in the foreseeable future, and as such, competition, particularly in the platform space, would be constrained if NAB's proposed acquisition was allowed to proceed.
Recommended for you
Inefficient data processes and systems mean advisers are spending over half of their time on product implementation and administration at the expense of clients, according to research.
With the regulator announcing its enforcement focus for 2025 last week, law firm Hall & Wilcox examines the areas which have dropped down the list in priority for the regulator.
South Australian financial advice and accounting business Perks has extended its paid parental leave program from 12 to 26 weeks, putting it on par with big four firms.
Mason Stevens has tapped Investment Trends’ head of growth, alongside two other hires, to bolster its distribution team.
