(Image: Tom Red/Private Media)

Given the litany of corporate misbehaviour and illegal activity exposed by the Hayne banking royal commission, it is hard to imagine the banks as arbiters of moral behaviour. But that is what's revealed in submissions to the independent review of the Australian banking code of practice.

The triennial review by Mike Callaghan has been told that business banking and other financial services, including merchant facilities, are systematically denied to lawfully operating industries such as adult entertainment, the legal sex industry, gambling, medical marijuana and firearms.

The current banking code chapter on accessibility and inclusivity lists protection against discrimination for vulnerable groups, including the elderly, Indigenous, disabled, migrant and LGBTIQ communities. However, it does not include protection for small businesses, and sex workers and others in the adult industry are officially classified by the ATO, banks and the code not as vulnerable individuals but as small business operators.