Banking royal commission to get under way

Banking royal commissioner Kenneth Hayne will shed light on how he plans to investigate misconduct in the industry on February 12.

The retired High Court judge was chosen by the Turnbull government in December to examine the banking, superannuation and financial services industry in the wake of a series of scandals.

Justice Hayne and senior counsel assisting will make short opening statements at the Melbourne hearing, but no witnesses will be called.

The commission has also invited public submissions from individuals or organisations wishing to talk about misconduct in the industry.

However, the commissioner said in a statement on Monday the commission could not "resolve individual disputes, fix or award compensation, or make orders requiring a party to a dispute to take or not take any action".

An interim report is due in September with the final report expected in February 2019.

Shadow treasurer Chris Bowen said Malcolm Turnbull had to be "dragged kicking and screaming" to announce the inquiry last year.

"It's good that the royal commission into the financial services sector is beginning," Mr Bowen told AAP.

"It's very important that victims of all banking and financial scandals are afforded an opportunity to have their say - to make submissions and if appropriate, give evidence before the royal commission."

Mr Turnbull described the inquiry as "regrettable", but an important step in ensuring trust in the industry.