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Banks inquiry: Consumers treated unfairly

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February 12, 2018

Former High Court justice Kenneth Hayne will preside over the banks royal commission.

The banking royal commissioner will outline how he will investigate misconduct in the financial services industry as the much-anticipated $75 million inquiry gets underway.

Commissioner Kenneth Hayne QC will make an opening statement during a short initial public hearing in Melbourne on Monday.

The former High Court judge has 12 months to investigate allegations of misconduct or conduct that falls below community expectations in the banking, superannuation and financial services industry.

The inquiry is expected to focus on misconduct affecting consumers and small businesses, but aggrieved customers hoping it will deliver them restitution will be disappointed.

The commission has tried to correct misinformation that it can make a decision to refund investors or provide compensation.

"The commission cannot resolve individual disputes," its website states.

"It cannot fix or award compensation or make orders requiring a party to a dispute to take or not to take any action."

No witnesses will be called at Monday's hearing.

In addition to Mr Hayne's comments, the barristers appointed as senior counsel assisting the commission - Rowena Orr QC and Michael Borsky QC - will also make an opening statement.

The commission has not yet released a schedule for further public hearings and the particular topics to be covered.

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