What is the expected effects of the Royal Commission into Banking?

After opposing for a year and a half, Malcolm Turnbull has called on the banking royal commission which is set to restore public faith in the financial system. With the admission of the big four banks, the inquiry has been deemed necessary by the government. However, the question lies what can we expect to find and why did Turnbull take so long to involve the royal commission? We spoke to Alan Montague – Senior Lecturer in Management at RMIT to answer our questions.