No-one in the Morrison Government can say who will be taking the reins of the financial services portfolio, despite the scandal-plagued sector hurtling towards upheaval thanks to the banking royal commission.

Key points: Financial services and superannuation no longer covered by dedicated ministers

Financial services and superannuation no longer covered by dedicated ministers Ministerial responsibilities "will be announced in due course", Treasurer says

Ministerial responsibilities "will be announced in due course", Treasurer says Opposition and senior industry figures condemn omission

For the first time in many years, the Federal Government has not included a designated financial services minister — a position most recently held by the new Industrial Relations Minister, Kelly O'Dwyer.

That is despite the final report of the financial services royal commission being due within six months.

For the first time since 2007, neither is there a dedicated minister for the $3 trillion superannuation industry.

"Ministerial responsibilities within the Treasury portfolio will be announced in due course," was the response from Treasurer Josh Frydenberg's office to questions about who is in charge.

The new Assistant Treasurer Stuart Robert said in a radio interview earlier this week that he might be getting the gig, before back-tracking later in the day.

Lack of minister 'difficult to understand'

The confusion has been condemned by the Opposition, as well as senior figures in the financial services and superannuation industry.

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"Banking reform is such a priority for @ScottMorrisonMP that he forgot to appoint a Minister for Financial Services," tweeted Shadow Treasurer Chris Bowen, adding that Mr Morrison had opposed the banking royal commission and called it a "populist whinge".

Industry Super Australia chairman, and former New South Wales Liberal leader, Peter Collins, voiced surprise that it was not a priority portfolio given the probable changes to regulation and/or legislation to emerge from Commissioner Kenneth Hayne's report into financial services.

"Given that we are in the throws of the biggest inquiry into financial services, it is difficult to understand the omission of a minister with the specific responsibility for financial services," he told the ABC.

"How do you not acknowledge that, when this is the most thorough, costly, most revealing inquiry, with very likely far-reaching recommendations which the Government will need to work its way through."

Treasurer Josh Frydenberg will have his hands full, given he has to run the economy as well as deliver the mid-year budget update and make arrangements for continued government financing before the election, due by mid-May next year.

The absence of a minister also raises questions about who corporate regulator ASIC will report to — as of last week it was reporting to Kelly O'Dwyer.