In this paper we introduce a two-component system, depending on a parameter b, which generalises the Camassa-Holm (b = 1) and Novikov equations (b = 2). By investigating its Lie algebra of classical and higher symmetries up to order 3, we found that for b = 2 the system admits a 3-dimensional algebra of point symmetries and apparently no higher symmetries, whereas for b = 2 it has a 6-dimensional algebra of point symmetries and also higher order symmetries. Also we provide all conservation laws, with first order characteristics, which are admitted by the system for b = 1, 2. In addition, for b = 2, we show that the system is a particular instance of a more general system which admits an sl(3, R)-valued zero-curvature representation. Finally, we found that the system admits peakon solutions and, in particular, for b = 2 there exist 1-peakon solutions with non-constant amplitude.