The Customer Owned Banking Code of Practice is the industry code for Australia’s credit unions, mutual banks and mutual building societies.
The Code is voluntary and reflects the value customer owned banks place on improving the financial wellbeing of their customers and communities.
Their industry already complies with a range of regulations. This Code establishes higher standards than the law requires in several areas, and covers issues not addressed by the law.
In adopting the Code, customer owned banks are agreeing to abide by the higher standards set out in the Code, and to put their customers first.
The Code is owned by the Customer Owned Banking Association (COBA).
The Customer Owned Banking Code of Practice, which updates and replaces the previous Mutual Banking Code of Practice, began on 1 January 2014. Since 2014, the Code has been revised to accommodated changes ASIC has made to Regulatory Guide 221 Facilitating digital financial Services disclosure and the e-Payment Code to facility electronic disclosure. The revised Code is effective 1 July 2016.
Customer Owned Banking Code of Practice (PDF, 689 KB, 32 pages)