Financial institutions are likely to come under even more scrutiny after the Morrison Government asked the Standing Economics Committee to explore how much progress has been made into implementing the recommendations of the Financial Services Royal Commission.
This would be in addition to the existing inquiry into the Big Four banks which was announced in 2016 and would include other major relevant financial institutions and financial services associations.
The review would also work to improve the community’s trust in the financial services sector and provide further transparency.
Of the 76 recommendations made by Commissioner Kenneth Hayne, ten were directed at the financial services industry.
The Government asked the inquiry to commence as soon as possible.