The outline of terms of reference for any royal commission into banking turned up in the dissenting report of Labor members of the House of Representatives Standing Committee on Economics' review of the major banks' performance.They include:•    how widespread instances of illegal and unethical behaviour are within Australia's financial services industry;•    how Australia's financial services institutions treat their duty of care to their customers;•    how the culture, ethical standards and business structures of Australian financial services institutions affect the behaviour of these institutions;•    whether Australia's regulators are really equipped to identify and prevent illegal and unethical behaviour;•    comparable international experience with similar financial services industry misconduct and best practice responses to those incidents; and•    other events as may come to light in the course of investigating the above.