Credit unions, building societies and mutual banks are bound by the Customer Owned Banking Code of Practice.
The Customer Owned Banking Code of Practice is the code of practice for Australia’s customer-owned banking institutions (mutual building societies, credit unions, mutual banks and other mutual Authorised Deposit Taking Institutions). The Code has been developed in close consultation with a wide range of stakeholders, including government, consumer groups and our members. It replaces the previous Mutual Banking Code of Practice, and applies from 1 January 2014.
Customer-owned banking institutions are a vital competitive force in Australia, offering fair and responsible financial solutions. Credit unions, mutual building societies and mutual banks are committed to putting their customers first, and to helping their customers gain financial independence.
The customer owned banking sector already complies 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 and credit licensing obligations
- privacy, fair trading and other Commonwealth, State and Territory legislation.
Our 10 Key Promises to you
We will be fair and ethical in our dealings with you
We will focus on our customers
We will give you clear information about our 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 our customers’ 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 Code of Practice