Annual Report 2010/2011

We are pleased to advise that the Code Compliance Committee has now released its Annual Report, in accordance with section E18 of the Mutual Banking Code of Practice (the Code). 

Please click here to obtain a PDF version of the Annual Report.

The Report sets out the Committee’s key achievements for the reporting year 1 July 2010 to 30 June 2011 in monitoring and investigating the activities of those credit unions and mutual building societies (Mutuals) that have voluntarily subscribed to the Code. The Report also outlines the Committee’s work to influence improvements in the standards of practice and service of the Australian mutual industry and how the Committee aims to build on that work in the future. 

The reporting period 2010-2011 has been a very positive and successful year for the Committee and its secretariat, in only its second year of operation. It is pleasing to note that most Mutuals have made excellent progress in achieving compliance with some of the more straightforward commitments of the Code, such as Visibility and Access to Code information and embedding the Code into the Terms and Conditions of relevant products and services.

It is the view of the Committee that Mutuals have a natural bias towards treating their customers well. It is part of their culture and of their history. However, our experience demonstrates the need for Mutuals to continue to prioritise changes to systems and practice, to improve their compliance with all Code obligations.

We trust you will find the Annual Report of interest. The CCC welcomes any feedback or comments by email to [email protected] .

 

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