The head of the corporate watchdog believes when it comes to financial advice the culture of banks is improving, but there's still a long way to go.
After years of scandals during which investors lost millions of dollars, the federal government introduced tougher governance rules including giving the Australian Securities and Investment Commission extra powers to hunt down rogue advisers.
"We are on a journey to improve it, but I think we still have a long way to go ... you have got to have a culture for your customers to believe in, it is no point taking about it," ASIC chairman Greg Medcraft told a Senate hearing on Thursday.
Australian Small Business and Family Enterprise Ombudsman Kate Carnell remains unimpressed by the attitude of the banks.
Since the 2008-2009 global financial crisis there had been 17 inquiries, providing 40 recommendations repeated in various forms.
"And very, very little movement from the banks," Ms Carnell told the hearing.
The ombudsman's own small business loans inquiry found a range of problems, including trying to get a copy of a valuation a small business has to provide to get funding, even though the banks charged for it.
"Something incredibly simply to fix. Nope," Ms Carnell said.
"It shows you the level of the lack of action by the bank about things that have been brought up time and time again."
