Banks would be banned from performing more than one of four basic functions under a Greens plan.
The party says financial institutions need to revert to specialising in either basic deposits and loans, superannuation, insurance or complex wealth management advice.
How financial institutions are regulated would also change under the policy, with the Australian Competition and Consumer Commission [[ACCC]] given the job of banking ombudsman.
That would mean the ACCC taking over responsibilities now held by the Australian Securities and Investments Commission and Australian Prudential Regulation Authority.
Meanwhile
The Commonwealth Bank has reported a dip in annual cash profit to $9.233 billion.
The 4.8 per cent fall was mostly driven by a $700 million cost relating to the bank's role in the AUSTRAC money-laundering legal case.
The bank was also hit by $155 million worth of costs relating to the banking royal commission.
