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A landmark inquiry into wrongdoing among Australia’s banks and financial services has begun.
The royal commission the country’s top form of public inquiry will investigate alleged and established misconduct in the sector.
Australia’s banks, which are among the most profitable in the world, have been accused of customer exploitation and corporate fraud among other scandals.
The inquiry held its first hearing in Melbourne on Monday.
Commissioner Kenneth Hayne said the inquiry would examine misleading and deceptive behaviour in the industry and conduct which fell “below community standards and expectations”.
He said while Australia had “one of the strongest and most stable” financial service sectors in the world, there had been many established examples of misconduct, raising questions about cultural and governance practices.


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