Former High Court Judge Kenneth Hayne has been appointed to head the royal commission into the banking sector.
Mr Hayne, who was a Justice of the High Court for more than 17 years, will bring a "wealth of experience" to the role, Prime Minister Malcolm Turnbull said.
Mr Turnbull this week announced the Government would hold the public inquiry, after previously rubbishing calls for it from Labor, the Greens and some Coalition backbenchers.
Mr Turnbull, Attorney-General George Brandis and Treasurer Scott Morrison said Mr Hayne was the "ideal person" to conduct the public inquiry.
"He is renowned for his brilliant mind, his forensic skill, and his deep sense of justice," they said in a statement.
Mr Hayne retired from the High Court bench in 2015.
He played an important role as a senior judge, presiding over a challenge resulting from the bungled West Australian Senate election which was heard in the Court of Disputed Returns.
Mr Hayne declared the poll void and a new election had to be held.
He also took on the urgent injunction sought by lawyers for a group of 157 Tamil asylum seekers being held at sea last year. The court ultimately ruled the group had been legally detained.
The royal commission will have 12 months to complete its inquiries, with a final report expected to be delivered by February 1, 2019.
