Australian Banks Face Public Inquiry Amid String of Scandals
- Turnbull bows to opposition pressure to hold royal commission
- Banks penned letter calling for end to ‘political uncertainty’
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Australia’s banks will be subject to a wide-ranging public inquiry after Prime Minister Malcolm Turnbull bowed to pressure to address scandals besetting the industry.
The yearlong 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, Turnbull said Thursday. He pledged the inquiry would not put “capitalism on trial.”