SYDNEY (Reuters) - Australia’s financial regulator said on Wednesday top banking executives will be held to a higher standard of personal accountability under new rules introduced, as the scandal-hit sector comes under intense scrutiny.

Australia’s biggest banks are in damage-control mode after a powerful inquiry, called a Royal Commission, uncovered a culture of greed and widespread misconduct in the industry.

The Australian Prudential Regulation Authority said in a statement that tougher rules, which began in July and govern executive pay structures and lines of responsibility present “an opportunity for a major strengthening of accountability”.