A coalition of consumer groups has called on banks to make 103 changes to their code of conduct to improve protections for customers, showing the banking sector still faces significant demands to lift standards despite the code being re-written to respond to criticism from the Hayne royal commission.

Consumer groups have asked Mike Callaghan, a former senior Treasury official who is reviewing the Banking Code of Practice for the Australian Banking Association, to ensure it stays up-to-date with rising community expectations in areas including climate change and engaging debt collectors.