Australian banks to be probed for misconduct

Australia's Communications Minister Malcolm Turnbull speaks at a press conference in Sydney on September 24, 2013

SYDNEY: Australia’s biggest banks and the government caved in to pressure for a public inquiry into alleged misconduct in the finance industry, seeking to take control of the process after months of political fighting.

The year-long Royal Commission will examine the conduct of the nation’s banks, insurers, financial services providers and pension funds, and consider whether regulators have enough power to tackle misconduct, Prime Minister Malcolm Turnbull said yesterday in an abrupt U-turn of government policy.