The ACCC and the finance sector

ACCC Commissioner Ed Willett has spoken about finance sector regulatory issues at the Australian Bankers Association Banking Regulation Forum.

Current issues on the ACCC’s radar regarding the banking and financial services sector include:

  • ACCC’s action against the ANZ Bank for alleged price-fixing;
  • mergers between banks and fund managers, including insurance companies. Currently the ACCC is reviewing the Commonwealth Bank of Australia proposed acquisition of IWL Limited (a stockbroking service) and the proposed merger between Bendigo Bank Limited and Adelaide Bank Limited.
  • credit and debit/EFTPOS card interchange fee arrangements.

At this time the issue of mergers between the big four banks (the Government’s "Four Pillars Policy") is "not one which the ACCC has analysed in any detail or formed a view on".

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