A cross-party committee says more time is needed for the financial sector to adjust to a new scheme to make bank executives more accountable.
The Banking Executive Accountability Regime (BEAR) was expected to start on July 1 next year.
But a Senate committee report tabled in parliament on Friday acknowledged industry concerns about the tight timeframe.
It recommended the government change the implementation date to start "not less than 12 months after the bill is passed".
Labor senators said in additional comments attached to the report the start date for small and medium-sized authorised deposit-taking institutions should be July 1, 2019.
They also said the reforms were "no substitute for a banking royal commission".
The bill requires executives to conduct themselves with honesty and integrity and to carry out the business activities for which they are responsible effectively.
The committee said the scheme reflected "community expectations that banks and their executives should be made more accountable for their actions".
New accountability obligations on banks and their executives could result in "significant penalties", it said.
The inquiry report comes as Liberal National Party senator Barry O'Sullivan circulated the text of a bill to set up a commission of inquiry into the banking, superannuation, insurance and financial services sector.
The Queensland senator is aiming to introduce his bill to the Senate next week, but an opportunity is unlikely to arise unless debate on same-sex marriage laws is concluded by Wednesday night.
It's possible he could formally give notice of the bill on Tuesday.
