Australia to hold banking inquiry to quell public anger

Sydney

A WIDE-RANGING inquiry into the Australian finance industry will be held after an admission by the country's top lenders on Thursday that it was needed to restore faith in the massively profitable banking sector after a string of scandals.

The country's "big four" banks - among the developed world's most wealthy - have been under scrutiny in recent years amid allegations of dodgy financial advice, life insurance and mortgage fraud.

There have also been claims of anti-money launder…