The Australian Bankers Association needs to develop a voluntary code of conduct for small business lending, the Senate's economics committee proposed in its report on the "post-GFC banking sector" released yesterday.The report said the code could cover:• better explanations for changes to facility terms;• undertakings by banks to rely on business valuations for "a reasonable amount of time, such as for the first two years of the loan";• a right for borrowers to receive copies of valuation reports;• a minimum deadline of 14 days for repayment on any notice of demand; and• a clearer basis for determining default interest rates.The committee also called for the Financial Ombudsman Service to lift the cap on business disputes to A$2 million, from $500,000.In addition, the committee called once more for "an independent and well-resourced root and branch inquiry into the Australian financial system", something that is Coalition policy.