The financial services royal commission

ROYAL COMMISSION INTO FINANCIAL SECTOR MISCONDUCT

* To be led by a distinguished former or serving judicial officer.

* The nation's banks of all sizes, superannuation providers, insurance companies and financial services providers will be covered by the $75 million 12-month inquiry.

* The nature, extent and effect of misconduct, including by directors, officers and employees, and any conduct, practices or business activity that "falls below community standards and expectations" will be examined.

* It will investigate whether any superannuation or retirement savings have been used for any purpose that fails to meet community expectations or was not in members' best interests.

* Considers the effectiveness of redress mechanisms for those hit by misconduct but won't be able to recommend compensation for individual cases.

* Examines whether existing laws and regulations offer adequate protections for consumers and businesses.

* Won't defer, delay or limit the government's ability to impose any new regulations for the sector or implement measures already announced.

* It will not put capitalism on trial, Prime Minister Malcolm Turnbull insists.

* Interim report in September 2018; final report by February 2019.