Opposition Leader Bill Shorten has called for a parliamentary inquiry into financial advice, with a particular focus on the Commonwealth Bank.

The inquiry would look at bank executives’ roles in the Commonwealth Financial Planning scandal and re-examine the Australian Securities and Investments Commission’s (ASIC) handling of the case.

The ALP believes it has the numbers in the new Senate to enable the Economics References Committee to investigate the bank.

Last month the committee’s report on the performance of ASIC and its handling of rogue Commonwealth Bank advisers called for a royal commission.

The Government has rejected this and says it wants to see the outcome of the financial system inquiry.