Mutual Banking Code of Practice
The Mutual Banking Code of Practice is the code of practice for Australia’s credit unions and mutual building societies. The Code has been developed in close consultation with the community, government, consumer groups and our members.
Credit unions and mutual building societies are owned by our members — so we are focused on providing real value to our members through competitive interest rates, personalised service and a fee structure that is based on mutual support.
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 Mutual Banking Code of Practice as a public expression of our moral promise to members to uphold the fundamental principles of mutuality, transparency and fairness.
Our 10 Key Promises to You
- We will be fair and ethical in our dealings with you
- We will focus on our members
- We will give you clear information about our products and services
- We will be responsible lenders
- We will deliver high member 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 the Mutual Banking Code of Practice
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Maria, Roselands, NSW
25 June 2009