The establishment of an inquiry is one of 61 recommendations to come from the Senate committee looking at the role of ASIC and the conduct of the Commonwealth Bank in a financial advice scandal that left thousands of investors millions of dollars out of pocket. But ASIC's chairman Greg Medcraft says establishing a royal commission into the matter might not be the best use of resources. Professor Justin O'Brien, Director of CLMR, says the significance of the scandal has extended far beyond ASIC and the Commonwealth Bank to expose cultural deficiencies that pervade the entire banking sector. ABC News/ The World Today.