The Finance Minister's being urged to take urgent and decisive action on our banking sector

Ministers have accepted most of the recommendations of a select committee inquiry into the industry, including directing the Reserve Bank to focus on more competition.

But banking expert Andrew Body says Nicola Willis needs to go further.

He says the minister should be seeking law changes, and a harmonisation of Australian and New Zealand banking rules.

Body says the minister should be ringing Treasury Secretary Ian Rennie, asking for a proposal for legislative change by 8am Monday.