Banks discuss new standards body amid royal commission

Behind-the-scenes discussions between banks, regulators and industry associations are continuing to create a new Professional Banking Council that would govern industry-wide standards of professional conduct and competency, as banks brace for more damage to their reputations as the royal commission re-starts in Melbourne. 

Industry sources said discussions about how to create a more “professional” banking industry are proceeding slowly as banks adopt a conservative approach to reform as the royal commission continues. Discussions about the council have been broadened to include regional and customer-owned banks, and Finsia, a not-for-profit industry standards body pushing the council, is talking to banks about creating an independent monitoring panel that would report on how the new council’s standards are being implemented.

Read the full article on The Australian Financial Review.

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