The big four banks will be told to pass on interest rate cuts fully and accused of ripping off customers when a parliamentary inquiry gets underway this week.
Bosses of Australia's major banks Westpac, Commonwealth, NAB and ANZ will be grilled by Liberal party backbenchers and told that their excuses for costing homeowners millions each year will no longer be allowed.
The hearing, which was set up by prime minister Malcolm Turnbull, is an attempt to silence Labor's calls for a royal commission into banks, the Courier Mail reports.
The heads of the 'big four' banks - ANZ, Commonwealth, Westpac and NAB - will come under fire from a parliamentary inquiry this week
It has been reported that those on the hearing will not hold back in their questioning.
However the hearing has not impressed all, with Queensland federal Labor MP Shane Neumann saying more needed to be done.
'How long are we going to have rip-off after rip-off, scandal after scandal, before the Federal Government takes seriously the public’s concerns about what happens in the financial services sector,' Mr Neumann told Sky News.
The hearing will run for three days, with Commonwealth Bank chief Ian Narev the first to front it on Tuesday.
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