"The report is wholly inadequate and fails to get to the core of the issues in the banking sector and the insatiable greed of the banks and lets those responsible - the bank executives - off the hook." ACTU President Michele O'Neil
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"I can understand in the circumstances that many people may be cynical about whether banks will change. To those people I would say, don't judge banks by their words, judge them by their actions, in the coming weeks, the coming months, as they implement this report." - ABA CEO Anna Bligh
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"The abolition of trail commissions and the proposed shift in future to a 'borrower pays' model for broker commissions will need to be very carefully managed so that the objective of better outcomes for consumers is achieved without making it harder for qualified borrowers to find and secure competitive finance for property purchases." - Property Council chief Ken Morrison
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"It's very disappointing that the royal commission wants to destroy some 20,000 small businesses for the monetary gain of the big banks, and we trust the government will see clearly on this and continue to work extensively with our industry to improve consumer outcomes." - Finance Brokers Association of Australia.
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"Extending these important new laws to credit and other financial products means there will be no loopholes - ASIC will now have the power to act where financial products are designed to harm consumers." - Consumer Action CEO Gerard Brody.
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"He has avoided a one-size-fits-all approach and has sensibly provided recommendations designed to address issues specific to each industry sector." - Insurance Council of Australia chief executive Rob Whelan
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"Taken as a whole the proposed changes should in most cases lead to better outcomes for consumers but only time will tell whether ongoing conflicts of interest and remuneration settings will result in problems re-emerging." - Industry Super Australia
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