The former High Court judge appointed by the federal government to lead the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has wasted no time in stamping his authority on the inquiry and broadened the terms of reference to include mortgage broking.

Commissioner Kenneth Hayne, QC, has directed the inquiry to include the $344 billion industry by expanding the definition of a financial services entity to include intermediaries between borrowers and lenders and was revealed in a letters patent sent by the Governor-General on Friday.