Scathing royal commission report welcomed by consumer groups

Consumer and advocacy groups have welcomed some of the key recommendations of the banking royal commission.

Australian Banking Association CEO Anna Bligh at a press conference at Parliament House in Canberra, Monday, February 4, 2019. Source: AAP Image/Mick Tsikas

The commission brought attention to the financial sector's problems and commissioner Kenneth Hayne's 76 recommendations ensure that focus will continue.

Consumer group CHOICE says the Banking Royal Commission Report is an opportunity to clean up the banking and financial services sector.

Among a range of wishes, he wants an end to weak self-regulation through industry codes along with an end to hidden fees for financial advice.

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