Annual Report 2011/2012

The Code Compliance Committee (Mutual Banks) is pleased to advise it has released its 2011-2012 Annual Report, in accordance with section E18 of the Mutual Banking Code of Practice (the Code), a copy of which can be dowloaded here.

The Report sets out the Committee’s key achievements for the reporting year 1 July 2011 to 30 June 2012 in monitoring and investigating the activities of Mutual Banks, Credit Unions and Building Societies 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.

Jeff Whalan has noted in his Chair’s report that the reporting period 2011-2012 was a very positive and successful year for the Committee and its secretariat, in only its third year of operation. It is pleasing to note that most Mutuals continue to make progress towards achieving compliance with their commitments under the Code.  The Committee’s review of compliance with Code training obligations in 2011-2012 however suggests that there are some areas for industry improvement in 2013.

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. This is evident in the Committee’s statistical analysis of financial difficulty and debt collection obligations under the Code, where Mutuals seem to have outperformed other financial service providers in terms of client service.  Our experience however demonstrates the need for Mutuals to continue to prioritise changes to systems and practice, to improve their compliance with all Code obligations and to ensure a positive culture of code breach reporting and management

 

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