The banking industry will face another parliamentary inquiry in the New Year, with the Senate Economics References Committee to look at the adequacy of consumer protection in the industry.On Tuesday the Senate voted in favour of establishing an inquiry to "examine the impact of misconduct in the banking, insurance and financial planning industry on victims and on consumers."Shadow Minister for Small Business and Financial Services, Katy Gallagher, said in a media release that the inquiry would look at existing legislative and regulatory frameworks to ensure they have Australian consumers' best interests at their core.Gallagher said the inquiry would "allow victims of financial misconduct, scandals and rip-offs to have their voices heard."The committee will also examine the impact of remuneration structures on consumers, the chain of responsibility in relation to misconduct, the adequacy of legal advice and representation for victims of misconduct and the adequacy of compensation for victims.The inquiry will cover small businesses as well as consumers.