November 29, 2017 / 9:56 PM / a year ago

Australia's major banks call for government inquiry into themselves

SYDNEY, Nov 30 (Reuters) - Australia’s major banks on Thursday took the highly unusual step of calling for an inquiry into the financial system as a way to head off pressure for a powerful parliamentary commission into the scandal-hit sector.

The call was made in a joint letter sent by the heads of Westpac Banking Corp, Commonwealth Bank, National Australia Bank and Australia and New Zealand Banking Group to Treasurer Scott Morrison.

“We now ask you and your government to act to ensure a properly constituted inquiry into the financial services sector is established to put an end to the uncertainty and restore trust, respect and confidence,” the letter read. (Reporting by Wayne Cole, editing by Larry King)

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