Competition regulator demands banks introduce more protections for customers

The ACCC says new code of conduct proposed by banks doesn't address recommendations of royal commission

The competition regulator has said it will impose conditions beefing up protections for consumers on a new code of conduct proposed by the banks because the current version doesn't properly address the recommendations of the Hayne royal commission.

Moves by the Australian Competition and Consumer Commission to heap pressure on the banks come even as the political pendulum has slammed back in the finance industry's favour, with the treasurer, Josh Frydenberg, joining a chorus of government backbenchers in attacking regulators for pursuing the industry.