Australian Prudential Regulation Authority

The belated decision by the Australian Prudential Regulation Authority (APRA) to set up a public inquiry into the Commonwealth Bank (CBA) is aimed at heading off the growing calls for a royal commission into the entire scandal-ridden banking sector.

The August 27 announcement by APRA of an “independent” probe into the country's biggest bank followed a series of scandals that have rocked the financial world.

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