The Customer Owned Banking Code of Practice is the industry code of Abacus - Australian Mutuals, the association of mutual building societies and credit unions. Credit Co-operatives and mutual building societies already comply with a range of regulatory requirements including:
- Responsible financial management requirements (under the Banking Act 1959 and our regulation by the Australian Prudential Regulation Authority)
- Corporate and financial services’ licensing, advice and training, and disclosure regulation (under the Corporations Act 2001 and our regulation by the Australian Securities and Investments Commission)
- Consumer credit laws
- Privacy, fair trading and other Commonwealth, State and Territory legislation.
The 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, your Credit Co-operative agrees to abide by the higher standards and additional requirements set out in the Code.
For easy reference, the new Customer Owned Banking Code of Practice has been broken down into 10 key promises that all accredited credit unions and mutual building societies must adhere to. The 10 key promises are:
- We will be fair and ethical in our dealings with you
- We will focus on our members
- We will give you clear information about products and services
- We will be responsible lenders
- We will deliver high customer service and standards
- We will deal fairly with any complaints
- We will recognise member rights as owners
- We will comply with our legal and industry obligations
- We will recognise our impact on the wider community
- We will support and promote this Mutual Banking Code of Practice
The Code Compliance Committee is the monitoring body for the Customer Owned Banking Code of Practice.
If you believe we have breached the COBCOP you can contact the CCC as follows
Telephone 1300 780 808
Postal Executive Manager
Code Compliance Committee
PO Box 14240
Melbourne VIC 8001
If you would like a copy of the Customer Owned Banking Code of Practice please contact us.