Commonwealth set to dominate financial advice

The Australian Competition and Consumer Commission will not oppose the Commonwealth Bank's acquisition of the financial planning group, Count Financial.

ACCC chairman Rod Sims said in a statement yesterday: “The ACCC is satisfied that there is unlikely to be a substantial lessening of competition in any relevant market as a result of this proposed acquisition.”

The ACCC noted that the acquisition would increase CBA's presence in the supply of financial planning services and mortgage referral services.

This could potentially have reduced competition in the supply of these services and increased the ability of CBA to direct business to its upstream investment and mortgage related products.

Source: Banking Day