Labor welcomes the start of the Royal Commission into Misconduct in the Banking, Superannuation, and Financial Services Industry. Labor led calls for the Royal Commission for nearly two years before Malcolm Turnbull finally backflipped. He let the rorts and rip-offs continue for more than 18 months so he could protect the banks and protect his job.

The focus must now turn to the victims of banking and financial scandals. This is an opportunity for those who have suffered because of insurance scams, dodgy lending and fee rip-offs to tell their stories and present their evidence to the Commission.

Labor acknowledges the work of those fought tirelessly for justice. Individuals who bravely blew the whistle on bad behaviour and organisations who demanded action from government. This is a significant day for them and we are appreciative of their efforts.

We hope that the Royal Commission, in the form established by the Turnbull Government, delivers justice to families and small businesses that have suffered because of the misconduct in the banking and financial services sector.

The Commission is an important step to cleaning up bad behaviour in the sector and it's good to see its finally underway.