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.

Download the Customer Owned Banking Code of Practice

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