The banking industry has appointed former Australian Public Service Commissioner Stephen Sedgwick to lead a review it says will look at whether customers have suffered as a result of the rewards offered to staff and brokers for selling financial products.

A senior economic adviser to Bob Hawke, Mr Sedgwick will head a review the Australian Bankers' Association (ABA) says could look at scrapping or changing commissions and payments for products including mortgages, bank accounts and credit card insurance.

The review is part of the industry response - first announced in April - to the threat of a banking royal commission, which receded with the coalition's federal election victory.

Prime Minister Malcolm Turnbull in April called upon banks to prioritise customer service and public wellbeing over financial gain, urging them to repay taxpayers' support during the 2008 global financial crisis.

But Mr Turnbull resisted the Labor opposition's calls for a full royal commission into the banking industry.

The ABA said on Tuesday the review will build upon the future of financial advice (FoFA) laws introduced by the then Labor government in 2012.

The laws were designed to protect consumers from dodgy advisers.

The ABA is asking for written submissions from anyone with an interest in the review, which includes banks, regulators, consumer and small business bodies, employees and customers.

Travel money cards, small business lending and general insurance - excepting personal sickness and accident - will also be included in the review.