The Customer Owned Banking Association has called for reforms that stagger the implementation of regulatory changes, as well as a review of credit legislation to bring it into the modern era and more co-operation to protect consumers from cyber scams.

The policy statement comes after the deputy chair of the Australian Prudential Regulatory Authority, John Lonsdale, lashed the sector for governance failures, including the lengthy average tenure of its board members, in an address at the end of March.