Prime Minister Malcolm Turnbull has admitted the government should have called for a Royal Commission in to the banking sector years ago.
In just 15 days, the commission has heard several cases of financial misconduct and bad behaviour right across the financial services industry.
Speaking to reporters in Berlin on Sunday, Mr Turnbull said his government made a mistake in delaying the inquiry.
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“The government would have had less political grief, if it had set up a royal commision 2 years,” he said.
“You’re all right when you say it would have been better for us politically if we had done so years ago.
“No doubt Bill Shorten should have called a royal commission when he was financial services minister in the Labor government.
“But the reason I didn’t proceed with a royal commission is this: I wanted to make sure we took the steps to reform immediately, and got on with the job.”
Meanwhile, Opposition Leader Bill Shorten has written to the Prime Minister demanding a compensation fund be set up for victims of dodgy banking practices.
Mr Turnbull said the compensation scheme is already in the commission’s terms of reference.