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Customer Owned Banking Code of Practice

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The Customer Owned Banking Code of Practice is the code of practice for Australia’s credit unions, mutual banks and mutual building societies. The Code has been developed in close consultation with the community, government, consumer groups and our members.

Credit Unions, Mutual Banks and Mutual Building Societies are owned by our Members — this is what being a Mutual Bank means. As such, we are focused on Member-benefits, community involvement, fairer fees and customer service.

As a bank we already comply with a range of regulatory requirements including:

  • Responsible financial management requirements (under the Banking Act 1959 and our regulation by the APRA)
  • Corporate and financial services’ licensing, advice and training, and disclosure regulation (under the Corporations Act 2001 and our regulation by ASIC)
  • Consumer credit laws
  • Privacy, fair trading and other Commonwealth, State and Territory legislation.

This Code establishes higher standards than the law requires in a range of areas, and addresses issues not addressed by the law. In adopting this Code, we agree to abide by the higher standards and additional requirements set out in the Code.

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Key Promises

The 2022 Code is underpinned by seven key promises. These promises are the principles that form the basis of the Code, informing all other provisions and obligations. 

  1. We will deliver banking services in the interest of our customers.

  2. We will obey the law.

  3. We will not mislead or deceive.

  4. We will act honestly and fairly.

  5. We will offer products and services that are fit for general purpose.

  6. We will deliver services with reasonable care and skill.

  7. We will contribute to our community. 

Customer Owned Banking Code Compliance Committee 

The Code Compliance Committee (Committee) monitors compliance with the Customer Owned Banking Code of Practice and promotes good industry practice; supporting customer owned banks to achieve service standards Australians can trust. The Committee has three main functions:

  • compliance monitoring
  • investigations and inquiries, and
  • engagement with industry and consumer stakeholders.

The Committee will engage with stakeholders around Australia to share its experience of Code compliance and influence positive changes in industry. This work includes:

  • empowering consumers to access their rights under the Code
  • supporting Code Subscribers to comply with the Code, and
  • providing Code training.

Visit the Code Compliance Committee website for more information. 

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