Earlier this week, retail banks in Australia were told that they will soon be required to sign up to the new Australian Banking Association's new Banking Code of Practice as a condition of membership.   The ABA's new Code is currently awaiting ASIC approval, the association said. It made no reference to critiques of this policy in the Royal Commission into banking misconduct, nor to previous court cases where borrowers were able to use provisions in the existing code to argue shortcomings in contracts, much to the dismay of banks, who had not wanted to see their code used against them.CEO of the Australian Banking Association, Anna Bligh, said the new code, now to become a requirement of ABA membership, was a significant ramp up of the industry's efforts to improve conduct and culture. "This new code will be binding, forming part of relevant customer contracts, enforceable by law and will be monitored by an independent body," she said."While there is much work still to be done, Australia's banks are serious about genuine reform which addresses conduct and culture, with the Banking Code of Practice a cornerstone of these efforts." Finalised and lodged with ASIC in December the new code outlines important changes for individuals and small businesses, including:•    plain English contracts;•    ending unsolicited offers of credit card increases;•    the mandated ability for customers to cancel a credit card online; and•    improved transparency around fees by telling customers about service fees immediately before they occur. Bank who have signed up are required to include in their contracts a statement that the code applies, which in turn is a legally enforceable document. This new industry code will have the force of the law. There will be a 12-month implementation period for the code once ASIC gives its approval. In addition, an independent body, the Banking Code Compliance Committee (BCCC) will monitor and oversee compliance with the code. The committee has power to investigate breaches of the code and apply sanctions if necessary.