The long anticipated Banking Royal Commission into Australia's banks and other financial services firms, with a particular focus on misconduct, will become reality before the current year is over.  The announcement that an inquiry has been agreed to by the Turnbull Government came after a series of adamant exclamations against a further bank inquiry. The final straw was apparently an open letter sent to the Prime Minister yesterday morning (ie, 30 November) on behalf of the chief executives of the four major banks, calling on the government to "act decisively to deliver certainty to Australia's financial services sector, our customers and the community." According to the Treasurer, the inquiry will consider the conduct of banks, insurers, financial services providers and non-SMSF superannuation funds, and how well equipped regulators are to identify and address misconduct. "Instead of the inquisition into capitalism that some have called for, the Royal Commission will take a conventional, focused approach. It will not be a never-ending lawyers' picnic,"  said Prime Minister Malcolm Turnbull. "Our approach to banking and financial services reform has focused on ensuring that our financial system is resilient, efficient and fair." This is after the banking and financial services sector has been subjected - on some counts - to 51 reviews and inquiries since the Global Financial Crisis. The question that will need to be answered first of all, though, is whether the indicative cost of A$75 million and a time limit of 12 months from establishment to providing a final report will be enough. RateCity CEO Paul Marshall described the Royal Commission as the only way to restore public trust in Australia's financial sector. "Every Australian is entitled to financial products that are honest and fair. The government is right to focus on this point," Marshall said.  "We would like to see changes that make financial services more transparent and easy-to-understand. Any recommendations should focus on increasing competition and reducing costs for consumers, not the reverse. "Australia's big banks have been at the forefront of a long list of scandals and wrongdoings for too long. We're well past the mea culpa stage." "It's time to look at the culture inside our banks and make sure it is in line with community values," he said. In which case, defining those community values will be tough, as whoever takes on the role of Commissioner needs to ensure that the whole production doesn't lose its way among the tangle of vested interests. The Greens have been keen to emphasise misconduct and misbehaviour The "customer-owned" mutual banks and credit unions want the focus to be on the vertically integrated, listed major banks that dominate the market. COBA, the peak body for those financial industry players, has reminded lawmakers that increasing competition in the banking sector is critical to getting better outcomes for customers and said that, while the Royal Commission is conducted, competition reforms should continue to be implemented, including the Hammond Review reform package. And there are already other actions being taken and new rules and regulations in various stages of completion to regulate Australia's banking sector - for