Sam Stubbs: Founder of Simplicity suggests open banking could get bank profits down without need for an inquiry - Heather du Plessis-Allan Drive

An idea to get bank profits down without needing an inquiry.

Jacinda Ardern is telling banks to consider their social licence to operate, after ANZ announced a record profit of $2.3 billion dollars, and Westpac more than $1 billion.

The Government says the Commerce Commission won't be called in to take a look.

Simplicity Founder Sam Stubbs says we could try open banking, a system used in other developed nations - where books are opened to a financial provider, allowing easy comparisons.

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