Australian's banking sector is dominated by the "Big 4" consisting of;
There are many other financial institutions that operate in Australia including smaller Australian owned banks, building societies, credit unions and foreign owned banks.
The Council's objectives are to promote stability of the Australian financial system and support regulation by Australia’s financial agencies. It is a non-statutory group, without regulatory or policy decision-making powers.
Members of the CFR include:
Reserve Bank of Australia (Chair)
The RBA has the role of promiting economic and financial stability through managing the supply of money, government banking, monetary policy, market operations and ovesight of payment systems.
The Treasury oversees issues relating to macroeconomic policy to microeconomic reform, changes to social policy, taxation and agreements with international partners.
Australian Prudential Regulation Authority (APRA)
APRA is responsible for licensing and monitoring banks, building societies, credit unions and other financial institutions.
Australian Securities and Investments Commission (ASIC)
ASIC has responsibility for providing regulatory guides to promote market integrity, consumer protection and the regulation of certain financial institutions (including investment banks and finance companies).
It covers the requirements for setting up and administering businesses and companies as well as the regulation of finance professionals.
External Dispute Resolution Schemes
The Australian Financial Complaints Authority is set up to handle issues where consumers are unable to reach resolution of disputes with financial firms and services providers.
Membership of AFCA is a requirement under law or license condition of all financial firms and financial service providers.
This service replaced the previous External Disputes Resolution services including Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT) on 1 November 2018.