SYDNEY, Dec. 20 (Xinhua) -- As a major investigation approaches for Australia's largest financial institutions, the country's big banks announced a raft of changes to their code of practice on Wednesday, in order to provide "higher standards" for their customers.
Following a number of ethical and criminal breaches which have included questionable lending practises, reckless financial advice and failing to comply with anti-money laundering and counter-terrorism protocols, mistrust in commercial banks is at an all time high down under.
To address the growing concerns, Prime Minister Malcolm Turnbull announced a Royal Commision into the financial sector last month, which will have extensive, far-reaching powers to investigate the operations of each individual institution.
In the lead up, The Australian Bankers' Association (ABA) have volunteered to revamp their code of practice.
With one of the highest levels of household debt anywhere in the world, the first issue of focus addressed by the lobby group, was a promise to discontinue unsolicited offers to increase limits on personal credit cards.
ABA chief executive officer, Anna Bligh, said the new set of rules and behaviors will go a long way in addressing the expectations that Australians have of their banks.
"The new code means we are making banking easier, by making changes to processes, providing customers with more info and introducing higher standards for how banks serve their customers," she said.
"Banks most certainly do not underestimate the challenge ahead of them and will continue to make the necessary changes and improvements that their customers expect."
The inquiry is expected to begin early next year.
