One systemic weakness in banking is being highlighted in the count down to the release of the Financial System Inquiry's interim report.The Australian Securities and Investments Commission on Friday pointed to widespread problems in financial planning, a wound exposed most fully at Commonwealth Bank.Reacting to Thursday's Senate committee's report that exposed problems beyond the planning arm of Commonwealth Bank, the Commission's deputy chair, Peter Kell, said: "This is not just about one firm. ASIC has pointed again and again to the fact there are problems across this industry.''We've been taking action against a wide range of firms and we will continue to do so because the industry as a whole needs to lift its game. That's very clear from this inquiry, '' he said.The Senate inquiry report also called for ASIC to put Macquarie Group's financial planning unit, Macquarie Private Wealth, under ''intensive surveillance''.Kell said an enforceable undertaking with Macquarie required it to ''dramatically improve the standard of advice."ASIC chair Greg Medcraft questioned the need for a royal commission, saying victims had already had an opportunity to present information to a Senate inquiry. Medcraft said the Senate inquiry received 450 submissions, while other inquiries, including the Ripoll Inquiry into financial products and services in 2009, covered similar ground."There has been significant opportunities for people with evidence to present to this inquiry, and there is now the financial system inquiry,'' he said. "So there have been a lot of opportunities to look at these matters."