Turnbull confirms banking tribunal

Malcolm Turnbull has confirmed his government will set up a tribunal to help victims of bank misconduct.

After the heads of the big four banks appeared before a parliamentary hearing this week, the prime minister said the government was waiting to hear back from University of Melbourne law professor Ian Ramsay, who was reviewing the best type of body.

"We will get a low-cost, speedy tribunal to deal with these types of customer complaints against banks and this will be real action," he told FIVEaa radio on Friday.