The independent review of the Customer Owned Banking Code of Practice (the Code) has reached its conclusion, with independent reviewer Eva Scheerlinck of Scheerlinck Consulting delivering her Final Report to the Customer Owned Banking Association (COBA).
The delivery of the Final Report follows an extensive review process, including a public consultation phase and the earlier release of an Interim Report that sought feedback on changes to the Code.
“The recommendations aim to clearly define the standards 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. This Report is designed to give the sector the flexibility to keep evolving well beyond this review,” Ms Scheerlinck said.
“This Report was shaped by the generosity of everyone who took part, Code subscribers, consumer advocates, financial counsellors and regulators alike. Their time and candour made sure the report is grounded in their experience.”
Key areas examined during the review included strengthening protections against financial abuse, supporting customers experiencing vulnerability, and enhancing the effectiveness of hardship assistance.
Michael Lawrence, Chief Executive Officer of COBA, said the independent review is an important opportunity to strengthen industry standards and deliver better outcomes for the more than 5.4 million Australians who choose customer-owned banking.
“We thank Eva for her significant work and are grateful to all stakeholders – including our members and consumer advocates – for their valuable contributions throughout this process,” Mr Lawrence said.
“Robust consumer protections are important in today’s rapidly changing environment. We are reviewing the recommendations with interest and will carefully consider them as we work through the findings with our Code subscribers. We look forward to continuing our engagement with stakeholders and will consult further as we develop our formal public response to the Report in due course.”
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.
More information about the Code review is available at customerownedbanking.asn.au/code-review.
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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.