Banking and Financial Services Ombudsman Ltd - proposed acquisition of The Insurance Ombudsman Service Ltd, Financial Industry Complaints Service Limited
Type of assessment
Informal Review
Reference
29536
Acquirer(s)
Banking and Financial Services Ombudsman Ltd
Target(s)
The Insurance Ombudsman Service Ltd Financial Industry Complaints Service Limited
Industry
Dispute resolution - Financial Services industry
Summary
Proposal to merge the business operations of the Banking and Financial Services Ombudsman Ltd, the Insurance Ombudsman Service Ltd and the Financial Industry Complaints Service Limted (schemes).
Outcome of assessment
Not opposed
Total review days *
29
Commenced public review
2nd April 2008
Date completed
13th May 2008
Market definition
The relevant market is the national market for the provision of dispute resolution services to financial service providers.
Competition analysis
No competitive rivalry exists between the schemes. Each scheme requires regulatory approval, including in determining the scope of the services provided by each scheme. As the scope of each scheme and therefore its customer base is confined by regulatory structure, the ACCC found no actual or potential competition between the merging schemes.
Review timeline
Date
Event
2nd April 2008
ACCC commenced review under the Merger Review Process Guidelines.
17th April 2008
Closing date for submissions from interested parties.
13th May 2008
ACCC announced it would not oppose the proposed acquisition.
* Total Review days = Total business days less public holidays and time during which the review was suspended.
