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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:
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.
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.
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:
The Committee will engage with stakeholders around Australia to share its experience of Code compliance and influence positive changes in industry. This work includes:
Visit the Code Compliance Committee website for more information.