Introduction
The Australian financial industry is dominated by the four major banks: Commonwealth Bank of Australia (CBA), Westpac Banking Corporation (which also includes St George and RAMS), Australia and New Zealand Banking Group (ANZ), and the National Australia Bank (NAB).
There are several smaller banks throughout the country as well as a number of other financial institutions such as credit unions, building societies, foreign banks and mutual banks. The central bank is the Reserve Bank of Australia (RBA). Since 2008, the Australian government has guaranteed deposits up to $250,000 per customer per institution against banking failure to ensure confidence and stability in the financial sector.
Banks require a bank licence under the Banking Act 1959. Foreign banks require a licence to operate through a branch in Australia, and Australian-incorporated foreign bank subsidiaries.
Australian banks are some of the most profitable in the world and the largest contributor to the national economy, adding about $140 billion to GDP per year. They are a major driver of economic growth and employ almost half a million people.
At the bottom of this profile are brief details of a number of the experts that Expert Experts represents. Call our office to discuss your requirements and to obtain a recommendation that suits your needs and budget.
Expertise in Action
The recent Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has highlighted numerous entrenched practices that have resulted in financial harm to individuals, businesses, farms and corporations. Examples include charging fees for no service, predatory lending, exploitation of indigenous communities, the mentally incapacitated and those addicted to gambling, corruption, neglecting due diligence, misleading and deceptive conduct, and selling worthless insurance.
An expert in banking can assist a client in the event of a claim or dispute when it comes to litigation about account fees, superannuation schemes, insurance policies, loan contracts, interest calculations, and obtaining refunds.
Banking experts can specialise in one specific type of banking (e.g., retail, commercial, credit card, brokering intermediaries, mortgages or investments).
Experts in banking are aware of the terms and conditions, benefits and exclusions, and costs of a wide range of competing loan, savings and investment products.
In legal cases, a banking expert can give an opinion on whether due diligence was performed, and whether the fees, charges and penalties were appropriate, fair and in line with the contract and standard industry practice.
Sample Reports
For some fields of expertise we have some sample sections of de-identified reports. Please contact our office if you are interested in a sample.
Cost
The overall cost of expert opinion depends on the services required. Some of the key factors that affect the cost of advice include:
- The need for a view or inspection of a location
- The quantity of documentary material to be reviewed
- Whether there are reports of other experts to be reviewed and commented on in detail
- Whether there is a need for conferences with the expert either in person or by telephone/Skype
Relevant Articles
Banking royal commission: How did we get here?
The reason for the Royal Commission into the financial industry was due to the banks’ promotion of an aggressive, sales-driven culture, which emphasises profit at all costs. In addition, there's the flawed compliance structure, and the refusal of banks to hold anyone in a senior position accountable for regulatory failures.
Some Features of the Australian Banking Industry: Background Paper 1
This article provides information about the range of Australian banking industry participants, the relative market share of those participants, the size of the Australian banking industry, the range of products offered and the profitability of the sector. This paper has been prepared (and charts have been constructed) using publicly available information.
Relevant Cases
Andrews v Australian and New Zealand Banking Group Limited [2011] FCA 1376
This case dealt with the issue of whether fees for overdrafts, overdrawn accounts, dishonour fees and overlimit credit card accounts were dealt with under the law of penalties.
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