The review of New Zealand's bank conduct and culture by the Reserve Bank and the Financial Markets Authority should be concluded, and a report released, by mid-October. The review was launched after revelations of misconduct by the banks' Australian parents began emerging from the Hayne royal commission. At a press conference yesterday following the release of the latest monetary policy statement, RBNZ governor Adrian Orr said three of the Big Four banks had so far had teams of people through them "talking from the board members, the senior executives, right though to branch sales people and out in the regions we are also speaking now to other vested interest folk from consumer to complaints departments outside of the banks". "So it's a thorough process and we hope to come back with our review mid-October and it will be made public. And obviously banks can choose to make as public as they want around their own individual results," Orr said.Orr also welcomed the decision this week by ANZ New Zealand to drop sales targets for frontline staff, and said his message to banks was "welcome to the new world". "There are regulatory minimum standards and then there is public expectations. And it's the public expectations that drive business. "If people try to operate business according to your minimum health or welfare standard or whatever it is, then you probably aren't going to be a well-liked business," he said. "So what I really want banks to think about is their time horizon, it's as simple as that. Business has to be sustainable and repeatable through time.""So if you can have whatever the incentive structures are over reasonable horizons related to indices beyond just near-term profitability then you're probably well down the path to a far more sustainable business that will lift economic well-being and bring good returns home to the shareholder."