Banks have made a commitment to review their executive remuneration practices as part of the package of consumer protection, transparency and accountability measures announced yesterday.Australian Bankers Association chief executive Steven Münchenberg said that, along with their review of sales commissions, the banks would produce statements of their remuneration principles to show how payments at all levels "align with customer outcomes and good banking practice."The ABA announced yesterday that the banking industry would establish an independent review of product sales commissions and product based payments, with a view to removing or changing them where they could lead to poor customer outcomes.The industry has appointed Gina Cass-Gottlieb from Gilbert and Tobin Lawyers to lead the work on establishing the review process, public reporting procedures and the appointment of an independent expert to oversee the review.The Australian Competition and Consumer Commission will be asked to look at whether any competition issues arise from the payment review before it proceeds.The ABA said the industry had also undertaken to enhance customer complaints processes, ensure high standards of whistleblower protection, remove rogue employees from the industry and review the Code of Banking Practice.Münchenberg said the industry plan was not a knee-jerk reaction to the threat of a banking royal commission."We have been working on this for some time. We have been mindful of growing concerns in the community," he said.He said it was an industry-wide initiative and all ABA members would participate.To enhance the complaints process each bank will appoint an independent customer advocate.The banks will evaluate the establishment of an industry-wide mandatory compensation scheme of last resort. Consumers of financial products who receive an ombudsman's determination in their favour would have access to compensation where an adviser's professional indemnity insurance is insufficient to meet claims.The Financial Ombudsman Service has been pushing for such a scheme for a long time.The industry will standardise the protection of whistleblowers, including providing independent support.And it will establish an industry register that would extend identification of rogue advisers to any bank employee. The register will be designed to help prevent the recruitment of individuals who have broken the law or codes conduct.Münchenberg said the register would be publicly available, subject to privacy rules.