According to a statement, the Morrison government has asked the House of Representatives standing committee on economics to inquire into the progress being made by relevant financial institutions in implementing the recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

The inquiry will now look at other major relevant financial institutions and leading financial services associations, it was outlined, with this inquiry complementing the “continuation of the broader inquiry into the four major banks which the government announced in 2016”. 

“This inquiry will help provide further transparency to the public on the work financial institutions are undertaking to implement recommendations from the royal commission, and in doing so will contribute to restoring the community’s trust in the sector,” the statement read. 

According to the Treasury, the inquiry has been asked to commence its work as soon as possible. 

About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.