Deputy Prime Minister Barnaby Joyce says he will consider proposals for a banking practices tribunal. Photo: Andrew Meares Nationals senator John Williams wants better scrutiny of the big banks. Photo: Eddie Jim

Deputy Prime Minister Barnaby Joyce says he is open to hearing from Coalition MPs about a push to create a tribunal to help victims of so-called “bank bastardry”, amid growing calls for a royal commission.

Queensland Liberal Warren Entsch and Nationals senator John “Wacka” Williams have called for a new tribunal to be created to consider practices within the banking industry, with a focus on customers and possible penalties for corporations who have predatory practices.

Rulings from the tribunal would be binding.

Labor believes it has the numbers to push for a banking inquiry in the Senate, while Opposition Leader Bill Shorten wrote to Prime Minister Malcolm Turnbull again this week asking to reconsider his opposition to a royal commission.

Speaking to ABC radio on Tuesday, Mr Joyce said he was yet to discuss the proposed tribunal but warned it should not duplicate work already being done by the Australian Securities and Investments Commission.

“I don’t support ideas that I don’t know the full details of.

“I am only too happy to listen to Wacka and listen to Entschy and find out what they’ve got to say.

“We’ve got to make sure we’re not duplicating the work that’s already done by ASIC, that’s already done by … prudential oversight that we have in place.”

The Nationals leader said the government had heard community concerns about the banks and would try to improve outcomes for customers, including by requiring the bosses of the four big banks to front the House of Representatives’ economics committee at least once a year.

Mr Turnbull announced the plan after the banks failed to pass on the full Reserve Bank cuts to official interest rates this month.

Mr Entsch plans to present a victim impact statement about the actions of the banking industry to Mr Turnbull and Treasurer Scott Morrison next week.

The calls come in the wake of Commonwealth Bank boss Ian Narev receiving a pay increase on the back of a $9.45 billion profit report, bringing his salary and bonuses to more than $12 million.

Labor believes some Coalition MPs, including Senator Williams, could cross the floor to support a royal commission.

Senator Williams said he would push the tribunal plan in the Coalition party room.

He remains in favour of a royal commission into the financial sector and would consider supporting a Labor motion if terms of reference include consideration of unregistered managed investment schemes and Ponzi schemes.

On Tuesday, Senator Williams confirmed he would retire at the end of his three year term in 2019.

“The problem we’ve got … is if you’ve been sold up, of course you’re penniless and if you want to seek justice, there’s nowhere to go,” he said.

“To go to the court costs you so much for your solicitors, your barristers, your team to fight the bank, so we’re looking at a tribunal … where people could seek justice in a situation where they do not have any money.”

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