The Australian Competition and Consumer Commission (ACCC) will not oppose the takeover of Count Financial by the Commonwealth Bank.

ACCC Chairman Rod Sims says the authority couldn’t see a reduction in competition by the takeover.

“We are satisfied that there is unlikely to be a substantial lessening of competition in any relevant market as a result of this proposed acquisition,” he said.

“The ACCC noted that the acquisition would increase Commonwealth Bank’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 the bank to direct business to its upstream investment and mortgage related products.”

Mr Sims says the competition from other significant financial planning dealer groups would not give the bank a dominant position in the market.

The ACCC talked to other financial services organisations including insurance providers during the 45-day review of the deal.

It did not see any significant competition concerns in life insurance markets or superannuation.

The deal will now be put to Count shareholders for approval.