Australia’s corporate regulator has developed a new code of conduct with the nation’s banks.

The code sets boundaries around ethical behaviour, responsible lending and increased transparency.

The new measures are also designed to make banking products easier to understand.

The move follows revelations of misconduct at the banking Royal Commission.

Small Business Organisations Australia CEO Peter Strong tells Ross Greenwood banks need to be transparent.

“They’ve got to be transparent, they’ve got to make sure all their staff are aware of this.

“As soon as they stop doing that, we know what will happen. It won’t be a nice site.”

Click PLAY below to hear the full interview

Australian Banking Association Chief Executive Anna Bligh says the measures give more power to consumers.

“This new banking code of practice is a win for customers of banks,” she tells Ross.

Click PLAY below to hear the full interview will Ms Bligh