Customer Owned Banking Code of Practice
The Customer Owned Banking Code of Practice (COBCOP) is the code of practice for Australia’s credit unions, mutual banks and mutual building societies.
Members of credit unions, mutual banks and mutual building societies can have confidence in knowing they are covered by a market leading, plain English commitment to fair and responsible banking. The Code is just another example of the value customer owned banking institutions place on improving the financial wellbeing of their members and their communities.
Customer owned banking delivers member-focused, competitive retail financial services – outstanding services and fairer fees. Credit unions, mutual banks and mutual building societies exist to serve their members, not simply to drive high profits for external shareholders.
The Customer Owned Banking Code of Practice is the public expression of our commitment to these fundamental principles – a legal and moral commitment to delivering on our promises to our customers.
The Customer Owned Banking Code of Practice commenced on 1 January 2014, following the completion of an independent review of the Code’s predecessor, the Mutual Banking Code of Practice. All of the recommendations made by the independent reviewer have been incorporated into the Customer Owned Banking Code of Practice.
Our 10 key Promises to You:
- We will be fair and ethical in our dealings with you
- We will focus on our member
- 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 complaint
- We will recognise members right as owners
- We will comply wit hour 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
Code of Operation
Sections 26.5 of the Customer Owned Banking Code of Practice outlines that – We will comply with any applicable requirements of the Code of Operation: Recovery of Debts from Department of Human Services Income Support Payments or Department of Veterans’ Affairs Payments (both when enforcing indebtedness owed to us and, to the extent the law permits, when facilitating enforcement by a third party judgment creditor).
The Code of Operation is an agreement between Services Australia, the Department of Veterans’ Affairs and many banks, building societies and credit unions. It protects member payment if their bank account is overdrawn – If they receive an income support payment from Services Australia or from the Department of Veterans’ Affairs.