Opposition keeps pressure on Coalition over banking reform but is set to make concessions to mortgage broking industry

Labor will create a new compensation scheme allowing some victims of banking scandals to have their cases reopened, and will also lift the current cap on claims to $2m as part of its response to the Hayne royal commission.

As well as allowing victims to reopen cases, giving people a chance to re-prosecute their complaints and potentially gain compensation up to the new caps, Bill Shorten will also pledge on Friday to put non-financial losses on the same footing as financial injury.

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