{"id":7349,"date":"2010-08-09T18:19:04","date_gmt":"2010-08-09T08:19:04","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=7349"},"modified":"2020-02-06T08:11:31","modified_gmt":"2020-02-05T21:11:31","slug":"accc-considering-latest-nabaxa-proposal","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2010\/08\/09\/accc-considering-latest-nabaxa-proposal\/","title":{"rendered":"ACCC Considering Latest NAB\/AXA Proposal"},"content":{"rendered":"

The Australian Competition and Consumer Commission (ACCC) has announced it will\u00a0seek market feedback on the undertakings\u00a0submitted to it\u00a0by NAB to address ACCC concerns over NAB’s\u00a0proposed acquisition of AXA Australia and New Zealand.<\/p>\n

The key objection by the ACCC to the proposed acquisition is that\u00a0‘… a merger of NAB and AXA would likely result in a substantial lessening of competition in the market for the supply of retail investment platforms for investors with complex investment needs.’<\/p>\n

The solution proposed by NAB to address this key objection is that the AXA North investment platform would be sold to IOOF, thereby appeasing the ACCC’s concerns about a lessening of competition in this space.<\/p>\n

Over the next two weeks, the ACCC will be:<\/p>\n

    \n
  1. Seeking views from market participants to assist its consideration of the NAB\/AXA undertakings<\/li>\n
  2. Seeking views regarding IOOF as the proposed purchaser of the AXA North business<\/li>\n
  3. Determining whether the proposed divestiture would be likely to alleviate the ACCC’s competition concerns<\/li>\n<\/ol>\n

    The ACCC has asked any interested parties to make submissions to it by 23 August 2010, after which it will consider its position.\u00a0 It has set 9 September 2010 as the date on which it will announce its decision.<\/p>\n

    … the proposed undertaking would see AXA divest the North platform administration service, but\u00a0retain ownership of the existing\u00a0products…<\/h6>\n

    Following the announcement of the ACCC’s two-week consultation process, MLC’s Chief Executive Officer, Steve Tucker<\/strong>, sent a message to advisers providing details of the consultation.\u00a0 Mr Tucker\u00a0clarified that the proposed undertaking would see AXA divest the North platform administration service, but retain ownership of the existing\u00a0products that reside on the platform.<\/p>\n

    In the same message to advisers, Mr Tucker supported the selection of IOOF as the buyer of the\u00a0North platform,\u00a0describing the company as a\u00a0top ten Australian financial planning group with 640 advisers, $25bn in funds under administration and $30bn in funds under management.<\/p>\n

    Mr Tucker also observed “… IOOF has the experience, distribution capacity and commitment to continue to develop the North Platform and realise its capability as a substantial competitor in the platform space.”<\/p>\n

    If, after the consultation process,\u00a0the ACCC reverses its 19 April decision to oppose the NAB\/AXA proposal, the final hurdle to the deal will be to secure approval from the Treasurer of\u00a0whichever party will form Government following the August 21 Federal Election.<\/p>\n

    “Our objective throughout this entire process has been to build an even stronger wealth management company which can help many more Australians to grow and protect their wealth through the delivery of quality financial advice, supported by market leading investment, insurance and superannuation products,” said Mr Tucker.<\/p>\n","protected":false},"excerpt":{"rendered":"

    The Australian Competition and Consumer Commission (ACCC) has announced it will\u00a0seek market feedback on the undertakings\u00a0submitted to it\u00a0by NAB to address ACCC concerns over NAB’s\u00a0proposed acquisition of AXA Australia and New Zealand.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,8],"tags":[],"class_list":["post-7349","post","type-post","status-publish","format-standard","category-company-news","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/7349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=7349"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/7349\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=7349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=7349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=7349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}