The independent review of the Customer Owned Banking Code of Practice (the Code) has reached a significant milestone, with independent reviewer Eva Scheerlinck of Scheerlinck Consulting publishing her preliminary findings and draft recommendations following consultation with a range of stakeholders.
“We are grateful for the extensive feedback received to date, which has been instrumental in shaping the Interim Report. I am now seeking feedback on my proposed recommendations that make structural changes to the Code to clearly define the outcomes customers can expect while preserving the unique ethos of customer-owned banking – a sector defined by its commitment to the people and communities it serves,” Ms. Scheerlinck said.
The Interim Report makes several draft recommendations, including strengthening protections for financial abuse, and supporting customers experiencing vulnerability and the effectiveness of hardship assistance. A copy of the Interim Report can be found here, and is now open for stakeholder feedback on its draft findings and proposed recommendations.
Michael Lawrence, Chief Executive Officer of the Customer Owned Banking Association (COBA), described the independent review as an important opportunity to strengthen industry standards, and ultimately deliver better outcomes for the more than 5.4 million Australians who choose customer-owned banking.
“We would like to thank the Independent Reviewer for her work to date. It is important that our consumer protections remain robust in today’s rapidly changing environment,” Mr. Lawrence added.
The Customer Owned Banking Code of Practice is the industry code for Australia’s mutual banks and credit unions. It is a public expression of the sector’s deep commitment to serving the interests of its customers. The Code requires an independent review at least every five years.
Stakeholders are now invited to review the draft findings of the Interim Report and provide feedback on the proposed recommendation by Monday, 8 June 2026.
The insights gathered during this phase will inform the final report, which is scheduled for delivery to COBA on Tuesday, 30 June 2026.
More information about the Code review, including the Terms of Reference and the Interim Report, is available at customerownedbanking.asn.au/code-review.
ENDS
For further information or to arrange interviews, please contact media@coba.asn.au
The Customer Owned Banking Association is the industry body for mutual banks, credit unions and building societies. For almost 180 years our sector has put customers first, returning profits to 5.4 million Australians who put their trust in customer-owned banks.