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The federal opposition is seriously considering a royal commission into banks however Bill Shorten stopped short of calling for one but several other MPs have called for an inquiry.

Liberal MP Warren Entsch and Nationals Senator John Williams have both insisted that something needs to be done with Entsch going on to say that we need to look closer at the "immoral conduct" of banks. Labor Senator Sam Dastyari has also called for an inquiry in the past.

After there has been a number of scandals and allegations of wrong doing within the banking sector over a number of years, highlighted with the recent CommInsure failings, it's high time that some actions were taken to allow more transparency in the industry. 

Banks need to be held to the same level of community expectations that any other organisation in our society is. Malcolm Turnbull (a former merchant banker), has resisted calls for a royal commission, instead relying on banks to commit to doing no wrong in the future. That's just not good enough.

Story: http://www.smh.com.au/federal-politics/political-news/bill-shorten-calls-for-action-on-banks-as-liberal-mp-backs-royal-commission-20160407-go0lxe.html

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