The Australian Competition and Consumer Commission (ACCC) will not oppose the acquisition of Count Financial by Commonwealth Bank of Australia (CBA).
"The ACCC is satisfied that there is unlikely to be a substantial lessening of competition in any relevant market as a result of this proposed acquisition," ACCC chairman Rod Sims said.
"The ACCC noted that the acquisition would increase CBA's presence in the supply of financial planning services and mortgage referral services. This could potentially have reduced competition in the supply of these services and increased the ability of CBA to direct business to its upstream investment and mortgage related products.
"However, the ACCC was satisfied that CBA would continue to be constrained by a number of other significant financial planning dealer groups, mortgage broking firms and investment product providers."
The ACCC also said the acquisition would not raise significant competition concerns in the life insurance or superannuation industries.
Last month, the ACCC suspended its review of the sale after calling on the CBA to provide further details.
