Coalition plans which had asked for more powers for the consumer watchdog in the country, is being questioned by key independent M Ps . The plan is about giving more investigative power so that price signalling done by banks can be checked.

Tony Windsor and Bob Katter, who are the key opponents say that by giving more powers in the hands of Australian Competition and Consumer Commission, only competition in the banking sector can be thought about. It is not necessary that such a move will be a success.

The idea had come from Coalition treasury spokesman Joe Hockey who wanted that anti-competitive practices in banks can be checked.

His idea was to give more powers to ACCC so that Labor could be embarrassed and pressure could be built for making changes in the banking sector. While Wayne Swan has already announced that the Gillard administration will be making fundamental changes in banking sector, Joe said that the Treasurer should move immediately and not wait for a second.

He said that the current government is just dragging their feet and not doing anything substantial.