The Customer Owned Banking Code of Practice
The Customer Owned Banking Code of Practice (COBCOP) is the code of practice for Australia’s credit unions and mutual building societies.
The Customer Owned Banking Code of Practice commenced on 1 July 2009. Members of credit unions 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 credit unions and mutual building societies place on improving the financial wellbeing of their members and their communities.
Mutual banking delivers member-focused, competitive retail financial services – outstanding services and fairer fees. Credit unions 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 promise to members of mutual financial institutions.
10 Key promises
The Customer Owned Banking Code of Practice is how credit unions and mutual building societies will deliver on their pledge to always put members first.
The Code contains 10 promises that outline how they will do this.
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 customer 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 this Code of Practice.