The various recommendations for reforming the financial services industry are now in the balance as both major parties scramble to gain power.

Questions will now be asked as to whether the recommendations of the Ripoll, Cooper and Henry reports go ahead, as much will depend on the deliberations of four independent MPs with the two main parties.

The new Greens MP for Melbourne, Adam Bandt, has said he will support the ALP, but this may change if his party does a deal with the Coalition.

However, the situation with the other independents is not so clear.

The three elected independent MPs, Rob Oakeshott and Tony Windsor from NSW and Bob Katter from Queensland, have said they will talk to both parties.

The independent with the most interest in financial services has been Mr Oakeshott, who has spoken out on a number of issues affecting the industry.

Last month he criticised the Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC) over their role in monitoring failed fund manager Trio Capital. A number of his constituents lost money with the manager.

He said investors should be asking questions about how the two regulators monitored the industry.

“(Investors) are rightly asking how on earth such people got licences to operate in the financial sector within Australia, and what on earth both ASIC and APRA did to protect retirement savings for many investors,” he said.

Mr Oakeshott has called for “greater policy consideration of APRA and ASIC’s approval and monitoring of financial licensing in Australia”.

Mr Windsor represents a rural NSW seat and has no specific focus on financial services industry reform.

Mr Katter, who has worked in insurance and had constituents affected by the collapse of financial planning firm Storm Financial in nearby Townsville, has not spoken out generally on financial services matters.

He does stand for a “free market” and has campaigned against big business, especially the two main supermarket chains, having an impact on his rural Queensland seat.