Bankers face possible jail time despite tough new code, ABA boss Anna Bligh concedes. So hard will it be to change culture at banks?

Australia's banks have signed on to a tough new code of conduct which comes into effect today after some of the shocking revelations from last year's banking Royal Commission. 

Among the changes, banks no longer offer unsolicited credit-card limit increases or charge commissions on lenders mortgage insurance and sales commissions for retail staff will also end. 

But how hard will it be to change the culture at banks - as ASIC continues to investigate possible criminal breaches.

Australian Banking Association chief executive Anna Bligh speaks with the ABC's Peter Ryan.