The Financial Services Council has launched a new set of standards and guidelines for it's members, by the members.

The goal is to bring respectability back to the industry, particularly focusing on the need for good conduct and a strong customer focused culture.

 Financial services Council chief executive Richard Klipin told Mike Hosking it is a very important issue to get right.

"It is really about putting a stake in the ground and lifting consumer confidence in the sector."

LISTEN ABOVE AS MIKE HOSKING SPEAKS TO MIKE HOSKING