Recommendations from review of major banks

KEY RECOMMENDATIONS AFTER A PARLIAMENTARY REVIEW OF THE BIG FOUR BANKS:

* Establish a banking and financial sector tribunal by July 1, 2017

* Require Australian financial services licence holders to publicly report any significant breaches of their licence obligations within five days of reporting it to the corporate regulator, ASIC

* Allow the Australian Competition and Consumer Commission to establish a small team to make recommendations to the treasurer every six months to improve competition in the banking sector

* Force deposit product providers to give open access to customer and small business data by July 2018

* Consider whether additional account-switching tools are needed to improve competition

* Review the 15 per cent threshold for substantial shareholders in authorised deposit-taking institutes

* Require the major banks to get an independent third party to review their risk management frameworks and make recommendations aimed at improving how the banks identify and respond to misconduct

* Give ASIC the power to collect recurring data about Australian financial services licensees' internal dispute resolution schemes

* ASIC establish an annual public reporting regime for the wealth management industry by the end of 2017

* That whenever an Australian financial services licence holder becomes aware that a financial advisor has breached their legal obligations, they are required to advice each of that advisor's clients about the breach.