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ACCC decision on Link and Pillar looms
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.
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
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