The federal opposition leader Bill Shorten has committed Labor to holding a Royal Commission into the banking and financial industry, if it takes office after the federal election.
The call follows recent reports of misconduct by the Commonwealth Bank's insurance section, which stands accused of tampering with medical documents, and withholding payouts from terminally ill claimants.
In another case, the Australian Securities and Investments Commission, or ASIC, has commended Federal Court action against Westpac over allegations of a multi-billion-dollar rigging of interest-rate trading.
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