No silver bullet but catalyst for change - Industry Super chair Greg Combet backs Hayne recommendations

Industry Super Australia chairman Greg Combet says the Hayne Royal Commission final recommendations are not silver bullet but an important catalyst to deal with bad culture and misconduct in the banking sector. 

The former Labor minister says the regulators ASIC and APRA must be properly funded by any future government to pursue potential criminal prosecutions. 

Mr Combet tells ABC's Peter Ryan that a recommendation to shake up the mortgage broker industry has the potential to reduce competition in favour of the major banks.