Financial institutions would be forced to split up their business and perform only one of four key functions under a radical policy unveiled by the Greens.

The party wants to force ANZ, Commonwealth Bank, NAB and Westpac to break off their wealth management arms and overhaul the entire sector.

It comes in the wake of the shocking revelations made by the banking royal commission.

Leader Richard di Natale and Greens financial spokesperson Senator Peter Whish-Wilson say it will leave customers better off.

Mr Whish-Wilson tells Ross Greenwood many banks have already begun making the move.

“They’ve been sniffing the wind now for a couple of years but they’re not all doing it, Ross, it’s not uniform and consistent.

“We’d like to see that consistent across the board.”

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