Royal Commission into banks hands down major findings

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The inquiry heard that banks collected fees for non-existent services and some institutions admitted they had even charged fees to dead customers, including the country's largest lender, Commonwealth Bank of Australia.

The government said it would act on all 76 recommendations made by the inquiry.

"For the first time the Government is establishing a compensation scheme of last resort, we will expand the remit of the Australian Financial Complaints Authority so they can award compensations for successful claims going back a decade and this is consistent with the period examined by the royal commission".

Firms were found to prey on some of society's most vulnerable customers, highlighted by the case of an insurer who used aggressive sales techniques to sell an opaque product to a young man with Down Syndrome.

After the report was made public on Monday, Treasurer Josh Frydenberg said the public had paid an "immense" price for the misconduct.

"Businesses have been broken, and the emotional stress and personal pain have broken lives".

Regulators also needed greater oversight after they were accused of working too closely with the banks.

For 11 months its public hearings shocked the country and wiped more than A$60 billion ($43.4 billion) from top financial stocks as investors factored in the prospect of tougher regulation, higher compliance costs and thinner margins.

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The "Big Four" banks - CBA, Westpac Banking Corp, Australia and New Zealand Banking Group, and National Australia Bank - plus AMP have already committed to pay more than A$2 billion to wronged customers.

However, wealth managers, whose reputations were shredded in the inquiry, were punished with IOOF Holdings Ltd stock closing down 4.5 percent and AMP sliding to a record low.

The Labor party has already said it plans to adopt Hayne's recommendations in full.

Conservative Prime Minister Scott Morrison, who initially dismissed Labor calls for a banking inquiry as a "populist whinge", has said he also expects to take up most of the recommendations.

There are 76 recommendations in the findings, 19 instances of possible misconduct through 22 entities while an overhaul of regulators' powers and transparency around loan fees are other major points in the 950-odd page report.

National Australia Bank Chairman Ken Henry came in for particular criticism after appearing dismissive during his public interrogation by the commission's barristers.

"There has to be some scalps in the banking industry so people can see that justice has been done and the faults of the banking industry can be rectified and lessons have been learned".

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