Code of Practice

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).

2018 Code

The 2018 Customer Owned Banking Code of Practice, which updates and replaces the previous Mutual Banking Code of Practice, began on 1 January 2014. The Code was revised on 1 July 2016 to accommodated changes ASIC has made to Regulatory Guide 221 Facilitating digital financial Services disclosure and the e-Payment Code to facility electronic disclosure. A further minor update was published, effective 1 January 2018.

2022 Code (effective 31 October 2022)

Following a review that began in 2018, COBA developed an updated version of the Code. The 2022 Customer Owned Banking Code of Practice will take effect from 31 October 2022.

Subscribers remain under the 2018 Code until the 2022 Code is enacted.

Find out more

2018 Customer Owned Banking Code of Practice (PDF, 669 KB, 32 pages)

2022 Customer Owned Banking Code of Practice (PDF, 2,577 KB, 36 pages)

COBA – how it works

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