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 the members of Customer Owned Banking Association.
As we are owned by our members — we are focused on providing real value 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 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.
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 the Customer Owned Banking Code of Practice
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"I want to take the opportunity to thank you for your outstanding customer service. It is a pleasure to receive excellent service such as this where good listening skills were put into practice, not once did I gauge any impatience. Staff very patiently explained how the system works and made sure I understood by getting me try it. I cannot tell you how relieved I was that it worked and I could pay my bills!"
Priya, North Strathfield NSW
3 August 2012