Banks facing more pain as inquiry rolls on

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The banking sector is not out of the woods after the Turnbull government announced hard new sanctions as "disturbing" practices were unveiled by the Royal Commission.

People found guilty of fraud in the financial sector will now stand up to 10 years behind bars, while businesses could be fined up to 10 percent of their turnover.

Treasurer Scott Morrison stressed that the new measures had been considered over a longer period of time, rather than a quick fire response to evidence before inquiry.

"As disturbing and disturbing as these things are, we must ensure that our reactions are being considered," said Mr. Morrison.

Assistant Secretary Jane Prentice supported a call from former competitor Allan Fels to stop banks from providing financial advice.

"I think there should be a separation between people who enjoy the advice they give," Prentice told ABC TV.

"I would like to see more in-depth advice."

More than 1.3 billion. The dollar was wiped out of AMP's market value this week after management had admitted to charging customers for advice they never received and repeatedly lied to the company's watchdog.

AMP's Managing Director Craig Meller was the first major scalp study to end on Friday before retiring at the end of the year.

The Commonwealth Bank of Australia has been under the spotlight of the Commission hearing that one of its entities had pronounced charges from dead people in one case for more than a decade.

Opposition Leader Bill Shorten labeled them "excavators" before they called for reform and reform of the sector.

The intensive investigation of the sector is likely to continue where the government is open to expand the survey beyond the current deadline, which will provide a final report by 1 February next year.

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