The review of the Mutual Banking Code of Practice has recently been completed. Click here for the details of the recommendations and the full final report.
The Mutual Banking Code of Practice (MBCOP) is the code of practice for Australia’s credit unions, mutual banks and mutual building societies.
The Mutual Banking Code of Practice commenced on 1 July 2009. 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 mutual banking institutions place on improving the financial wellbeing of their members and their communities.
Mutual 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 Mutual Banking Code of Practice is the public expression of our commitment to these fundamental principles – a legal and moral commitment to delivering on our promise to members of mutual financial institutions.
While global financial markets continue to face upheaval, Australian credit unions and mutual building societies are well-placed to continue delivering for our members. With the big banks increasing their share of the market and the demise of second-tier lenders, credit unions and mutual building societies are more essential than ever to maintain competition in the market and real choice for consumers.
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10 Key Promises
The Mutual Banking Code of Practice is how credit unions and mutual building societies will deliver on their pledge to always put members 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 members
- 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 member 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 Mutual Banking Code of Practice, contact Abacus.