The Customer Owned Banking Code of Practice (Code) is the code of practice for Australia’s mutual banks, credit unions and building societies.
The Code is a public expression of the level of support that subscribers will provide to its customers and the community, and the standards by which they be held accountable. It outlines clearly and transparently what a customer can expect when dealing with a Code subscriber.
The Code establishes higher standards than the law requires and reflects the customer owned banking sector’s commitment to serving the interests of its customers and communities.
Just like a bank, we are a regulated financial institution which is required to comply with:
- Responsible financial management requirements (under the Banking Act 1959, regulated by APRA)
- Corporate and financial services’ licensing, advice and training and disclosure regulation (under the Corporations Act 2001 regulated by ASIC)
- Consumer credit laws
- Privacy, fair trading and other Commonwealth, State and Territory legislation
We also choose to subscribe to the Customer Owned Banking Code of Practice as a public expression of our moral promise to members to uphold the fundamental principles of mutuality, transparency and fairness.