The Australian Competition and Consumer Commission (ACCC) is this week expected to make public its decision on whether Link Market Services should be allowed to bid to acquire Pillar Administration.
The competition regulator opened its inquiry into the eligibility of Link to bid for Pillar in August, in circumstances where Link is the owner of Australian Administration Services and last year gained control of the industry funds-owned administrator, SuperPartners.
Link announced to the Australian Securities Exchange in August that it was reserving its position on a bid for Pillar pending the outcome of the ACCC's deliberations.
The ACCC in August issued a notification calling for submissions on Link's position, noting that both Link and Pillar provide administration services to superannuation funds.
It said its investigation was focused on the impact on competition and in particular:
The likely impact on prices and service levels if the possible acquisition proceeds;
Whether Link and Pillar compete closely for the supply of administration services to superannuation funds and the level of competition provided by others;
The likelihood of new entry into the supply of superannuation administration services, or expansion by in-house providers into supplying third parties; and
The extent to which providing superannuation administration services in-house is a viable alternative for superannuation funds.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
New research from ART has found less than a third of women feel their superannuation is in a good position, reiterating the importance of opening up the advice arena to super funds.
Add new comment