The Customer Owned Banking Code of Practice (COBCOP) is the code of practice for Australia’s credit unions, mutual banks and mutual building societies.
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.
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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:
- We will be fair and ethical in our dealings with you
- We will focus on our customers
- We will give you clear information about our products and services
- We will be responsible lenders
- We will deliver high customer service and standards
- We will deal fairly with any complaints
- We will recognise our customers’ rights as owners
- We will comply with our legal and industry obligations
- We will recognise our impact on the wider community
- We will support and promote this Code of Practice
To find out more about the Customer Owned Banking Code of Practice, contact COBA.