The Labor opposition is demanding Treasurer Joe Hockey give proper consideration to a Royal Commission investigation into Commonwealth Bank financial advisers.
Shadow treasurer Chris Bowen has written to Mr Hockey asking for a speedy response to the serious misconduct by the Commonwealth Bank, which has affected thousands of Australian investors, and the findings of a Senate committee.
"The government should be giving proper consideration to sponsoring an independent inquiry, including a Royal Commission," Mr Bowen says, adding that the treasurer's financial systems inquiry is clearly not the appropriate vehicle to explore consumer complaints.
Opposition Leader Bill Shorten said it is a scandal of shocking proportions.
"We still don't know just how many people have lost their money," Mr Shorten told AAP.
He said this wasn't just about the Commonwealth Bank but the investments and savings of millions of Australians.
"The government cannot just sweep this under the carpet because it's inconvenient at a time when they're watering down consumer protections," Mr Shorten said, referring to the government's amendments to financial advice laws.
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