Financial services and banking

The financial services and banking industry is large and complicated, and the law associated with its regulation is similarly complex. Banking and financial services law is not a discrete area of law, but instead a series of laws and legal principles focused on consumer protection, which impact on banking transactions and on the banker-customer relationship and the financial advisor-customer relationship. 

Laws relevant to banking and financial services are drawn from a variety of areas, including the Code of Banking Practice, specific banking and financial services regulation legislation, the common law, equity and contract law. There are several regulatory agencies for the financial system, including the Reserve Bank of Australia, Australian Prudential Regulation Authority and Australian Securities and Investment Commission. Other relevant agencies include the Banking and Financial Services Ombudsman. The Ombudsman is not a regulator but a dispute resolution scheme that is part of the regulatory framework. Because banking and financial law is complex, it is important to seek legal advice in order to fully understand your legal rights and obligations, whether you are running a business or seeking financial advice yourself.