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The Customer Owned Banking Code of Practice (COBCOP) is the code of practice for Australia’s credit unions, mutual banks and mutual building societies.COBCOP logo - PNG version

Members of credit unions, mutual banks 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 customer owned banking institutions place on improving the financial wellbeing of their members and their communities.

Customer owned banking delivers member-focused, competitive retail financial services – outstanding services and fairer fees. Credit unions, mutual banks 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 promises to our customers.

The Customer Owned Banking Code of Practice commenced on 1 January 2014, following the completion of an independent review of the Code’s predecessor, the Mutual Banking Code of Practice. All of the recommendations made by the independent reviewer have been incorporated into the Customer Owned Banking Code of Practice.

Revised version of the Customer Owned Banking Code of Practice - July 2016

Older versions of the Code of Practice


10 Key PromisesCOBCOP 10 Key Promises DL - cover image sml

The Customer Owned Banking Code of Practice is how credit unions, mutual banks and mutual building societies will deliver on their pledge to always put customers first.

The Code contains 10 promises that outline how they will do this.

Our 10 key promises to you:
  1. We will be fair and ethical in our dealings with you
  2. We will focus on our customers
  3. We will give you clear information about our products and services
  4. We will be responsible lenders
  5. We will deliver high customer service and standards
  6. We will deal fairly with any complaints
  7. We will recognise our customers’ rights as owners
  8. We will comply with our legal and industry obligations
  9. We will recognise our impact on the wider community
  10. We will support and promote this Code of Practice

Download the updated 10 Key Promises to You brochure (PDF)

To find out more about the Customer Owned Banking Code of Practice, contact COBA.


Customer Owned Banking Code Compliance Committee

The Code Compliance Committee supports credit unions, mutual banks and mutual building societies to achieve service standards Australians can trust. We do this in three ways:

Monitoring compliance

The COBCCC monitor compliance with the Customer Owned Banking Code of Practice. This Code is essentially a set of promises outlining how Australia’s customer owned banking institutions should behave in their dealings with customers.

Investigations

The COBCCC investigate allegations that a customer owned banking subscriber has breached its obligations under the Code. If a breach has occurred, we work with the customer owned banking institution to ensure the breach does not happen again.

Engaging with stakeholders

The COBCCC engage with stakeholders around Australia to share our experience of Code compliance and influence positive changes in industry. This work includes:

  • empowering consumers to access their rights under the Code
  • supporting Code Subscribers to comply with the Code, and
  • providing Code training.

For more information about the COB Code Compliance Committee, please visit http://www.cobccc.org.au/

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Code of Practice

COBCOP Contacts

Alex Thrift
Policy Adviser
Ph: 02 8035 8447
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Luke Lawler
Head of Public Affairs
Ph: 02 8035 8448
Mobile: 0418 213 025
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