Labor has demanded immediate law changes to follow the banking royal commission’s shock findings made public last week.

The opposition acknowledges some legislation will require “extra time”, but shadow treasurer Chris Bowen accused the government of putting off action until after the election because it was more concerned with itself.

Defence Minister Christopher Pyne, the government leader in the House of Representatives told ABC’s Insiders on Sunday it would “take time to draft those 40 pieces of legislation and to get them right”.

“It will be after the election, yes,” Mr Pyne said.

Mr Bowen today told reporters: “We have the Leader of the House saying yesterday nothing will happen until after the election — no legislation, no implementation until after the election.

“We in the Labor Party are prepared to sit extra time.”

Mr Bowen conceded “there are parts of the royal commission that will take, in fairness, extra time”.

But said there were some areas which could be dealt with immediately, such as the grandfathering of commissions, and eliminating the hawking of financial products.

Treasurer Josh Frydenberg today began the government’s official response by announcing the expert panel to review the effectiveness of finance industry monitoring agency the Australian Prudential Regulation Authority (APRA).

It will be headed by former competition regulator Graeme Samuel and include former Westpac executive Diane Smith-Gander and former New Zealand Reserve Bank executive Grant Spencer.

The “capability review” was one of Commissioner Kenneth Hayne’s recommendations, and the royal commissioner called for it to be undertaken as soon as practicable.

The government has agreed to conduct regular capability reviews going forward and to a capability review of APRA commencing this year.

The panel will focus on APRA’s capability to regulate superannuation entities for the benefit of members, the role of enforcement activities and coercive powers and the supervision of culture, governance and remuneration in regulated institutions.

The APRA capability review will provide a forward-looking assessment of APRA’s ability to respond to an environment of growing complexity and emerging risks for APRA’s regulated sectors.