The Australian Competition and Consumer Commission (ACCC) wants the financial services industry to comment on proposed undertakings given by National Australia Bank (NAB) regarding its plans to take over Axa Asia Pacific Holdings (Axa APH).

The regulator is concerned that a takeover may lessen competition in the financial services market. 

One major area of concern has been the retail investment platform market, with Axa APH’s North platform being seen as a future major player in the area.

Smaller competitor IOOF announced this morning it has agreed to buy the North platform if NAB succeeds in its bid to acquire Axa.

The competition regulator will now sound out the industry before making a final decision in order to evaluate how a post-merger market would look.

The ACCC said in a statement today that the North platform “has the potential to provide a strong competitive constraint in this market, in the form of platform functionality and innovation”.

“It is likely to be versatile in responding to future competing platform offerings.”

The regulator says comments on the North sale proposal should reach it before August 23. The ACCC will then make its final decision before September 9.