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FNZ challenges regulator's decision

Saturday, January 9th 2021, 4:54PM

Platform business FNZ is trying to overturn regulatory decision to unwind its merger with GBST, even though it agreed to terms for a seperation.

A final decision by the Competition and Markets Authority (CMA) in the United Kingdom last that year ruled FNZ's purchase of GBST would lessen competition in the market. As a result it ordered FNZ to sell GBST.

FNZ agreed to terms last month but is now challenging the final CMA decision.

FNZ alleges that the CMA “erred in law by reaching an unreasonable decision”.

It also says the regulator failed to “properly define the relevant market” and to “carry out an appropriate market definition exercise”.

It “acted irrationally by finding an actual of expected lessening of the competition without investigating the magnitude of the subset of the market affected by the alleged weakening of competition”.

The CMA was notified on December 2 that FNZ had lodged an appeal, but on 24 December the watchdog revealed that the “potential errors” it identified in its market share calculations were “as a result of the provision of inconsistent information during the course of the CMA’s investigation”.

The regulator will ask the competition appeal tribunal to refer the case back to the CMA to reconsider.

Tags: FNZ

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AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 ▼7.45 ▼7.09 ▼6.95
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼6.85 ▼6.49 ▼6.35
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BNZ - Classic - ▼6.85 ▼6.49 ▼6.39
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 ▼7.45 ▼7.09 ▼6.99
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼6.59 - -
Co-operative Bank - Owner Occ 8.40 ▼6.79 ▼6.49 ▼6.35
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Co-operative Bank - Standard 8.40 ▼7.29 ▼6.99 ▼6.85
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 ▼6.69 ▼6.35 ▼6.15
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
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Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 ▼7.75 ▼7.39 ▼7.19
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Pepper Money Advantage 10.49 - - -
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SBS Bank Special - 7.14 6.49 6.35
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SBS FirstHome Combo 6.19 6.14 - -
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TSB Bank 9.44 7.79 7.55 7.45
TSB Special 8.64 6.99 6.75 6.65
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Westpac Offset 8.64 - - -
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Median 8.64 7.14 6.82 6.44

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