Major banks have updated whistleblower protections to the highest standard but need to do more to win back customers' trust, according to the man assessing the progress of the banking industry's self-imposed review.
In his latest report, former commonwealth auditor-general Ian McPhee says major banks have completed their update of protections for staff who flag suspicions of wrongdoing but that it is now crucial for all banks to review remuneration in light of recommendations to scrap purely sales-related staff bonuses.
"It is clear that many in the community still need to be persuaded about the commitment of the banks to make real change and move the dial on protecting consumer interests, increasing transparency and accountability," Mr McPhee said.
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