Go hard on banks: Frydenberg to regulators

Treasurer Josh Frydenberg has told corporate regulators to ramp up court action against the financial sector in the wake of the banking royal commission.

Mr Frydenberg also warned the banks they must change their cultures if they are to regain community trust.

He has flagged a fresh industry inquiry in three years to ensure they improve their behaviour and treat customers better, the Australian Financial Review reported on Thursday.