Nationals Senator John Williams has suggested the banking royal commission should be extended to make sure “rights are wronged” for the future.

On Friday, commissioner Kenneth Hayne QC will hand down his interim report.

Since the inquiry began, the commission has heard countless cases of banks and financial institutions grossly mistreating and misleading their customers.

Stories emerged of customers being charged after they had died and organisations were busted lying to the corporate regulators.

It certainly wasn’t pretty.

Nationals Senator John Williams tells Chris Kenny if commissioner Hayne wants to extend the inquiry, the government will allow him more time.

“If this was a parliamentary inquiry and we had thousands and thousands of submissions, we would have dealt with a lot more than 27 witnesses I can assure you.

“Of course, the government has indicated if he wants more time he’ll get that.

“Do it properly, do it once and set up for decades ahead to have a whole financial sector straight, honest and doing the right thing by the people.”

When it comes to regulators APRA and ASIC, Senator Williams says he wants them to be “feared” but the commission has proved they’ve been asleep at the wheel.

“I don’t think APRA and ASIC are going to walk away scott-free.

“The hundreds of millions that tax-payers put in to finance ASIC… and to see there’s so much wrongdoing being carried out, what’s ASIC been doing?”

Click PLAY below for the full interview