The opposition will also commit to pursuing broader changes to regulations in the financial services sector, believing the complex web of laws and structures needs to be simplified.

Like the coalition government, Labor has baulked at a recommendation to make borrowers, rather than lenders, pay upfront fees to mortgage brokers.

Opposition Leader Bill Shorten said the rules around mortgage brokers needed to change.

"But let's face it, mortgage brokers were not at the top of the hit list when the banking royal commission was called for," he told reporters in Canberra on Tuesday.

"We see the bigger banks and the financial institutions as being the bigger priority."

However, federal Labor is pushing for mortgage broking fees to be identified upfront.

Until now, Labor has pledged support for a handful of recommendations from the banking inquiry and given "in principle" support for the rest.

The government has given qualified support to about a dozen recommendations made by Commissioner Kenneth Hayne.

Labor has also proposed measures that go beyond the commission's findings, including a new compensation scheme and tax on the banks to pay for financial counsellors and domestic violence services.

Australian Associated Press