Coalition MP circulates bank inquiry bill

BANK COMMISSION OF INQUIRY:

* To be known as the Banking, Insurance, Superannuation and Financial Services Commission of Inquiry.

* Powers of a royal commission.

* Three commissioners: a former judge, bank expert and community representative.

* Whistleblower protections will apply.

Will examine:

* Unethical and unlawful conduct in the sector.

* Whether regulators and laws are effective and proper dispute resolution process are in place.

* Whether the system is failing to help businesses grow.

* Whether an independent body should administer the code of banking practice, and the code be made mandatory and enforceable.

* The administration of business and farming loans.