Labor will push for a parliamentary vote on a banking royal commission, which is strongly opposed by the Coalition government.

Senator Williams will back the motion if he agrees with its terms of reference, regardless of his party’s stance.

"For seven years I've said we need a royal commission into white collar crime, not just banks, and I won’t make a hypocrite of myself while I’m in parliament” Senator Williams said.

"There are ponzi financial schemes by the dodgy organisations in the financial industry, where people are getting blatantly ripped off."

Labor said it would offer him the chance to “talk the talk”, claiming that when push come to shove, he would side against the bill.

But Senator Williams said he had a track record of crossing the floor, unlike Labor senators.

“Mid-last year, the Greens put forward forward a motion for a royal commission into banking and I crossed the floor,” he said.

He is also pushing for a tribunal with tangible power to help victims of dodgy financial practises get justice.