Code of Practice

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

The Code is a public expression of the level of support that subscribers will provide to their customers, and the standards by which they will be held accountable. It outlines clearly and transparently what customers can expect when dealing with a Code subscriber.

The Code establishes higher standards than the law requires and reflects the customer owned banking sector’s commitment to serving the interests of its customers.

Key Promises

The 2022 Code is underpinned by seven key promises. These promises are the principles that form the basis of the Code, informing all other provisions and obligations.

  1. We will deliver banking services in the interests of our customers.
  2. We will obey the law.
  3. We will not mislead or deceive.
  4. We will act honestly and fairly.
  5. We will offer products and services that are fit for general purpose.
  6. We will deliver services with reasonable care and skill.
  7. We will contribute to our community.

Customer Owned Banking Code Compliance Committee

The Code Compliance Committee (Committee) monitors compliance with the Customer Owned Banking Code of Practice and promotes good industry practice; supporting customer owned banks to achieve service standards Australians can trust. The Committee has three main functions:

  1. compliance monitoring
  2. investigations and inquiries, and
  3. engagement with industry and consumer stakeholders.

The Committee’s work includes:

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

Visit the Code Compliance Committee website for more information.

Customer Owned Banking Code of Practice Subscribers

The entities below are subscribed to the 2022 Customer Owned Banking Code of Practice

  • Australian Military Bank
  • Australian Mutual Bank
  • Australian Unity Bank
  • Bank Australia
  • Bank of us
  • Bank First
  • BankWAW
  • BankVIC
  • Beyond Bank Australia
  • Broken Hill Community Credit Union
  • Central Murray Credit Union
  • Central West Credit Union
  • Coastline Credit Union
  • Community First Bank (trading as: Community First Bank and Easy Street)
  • Credit Union SA
  • Defence Bank
  • Dnister Ukrainian Credit Co-Operative
  • Family First Bank
  • Fire Service Credit Union
  • First Option Bank
  • G&C Mutual
  • Geelong Bank
  • Gateway Bank
  • Goulburn Murray Credit Union Co-Operative
  • Great Southern Bank
  • Heritage and People’s Choice Limited (trading as People’s Choice Credit Union and Heritage Bank)
  • Horizon Bank
  • Hume Bank
  • Illawarra Credit Union
  • Laboratories Credit Union
  • Move Bank
  • Newcastle Greater Mutual Group Limited (trading as: Greater Bank and Newcastle Permanent)
  • Northern Inland Credit Union
  • Orange Credit Union
  • Police and Nurses (trading as: P&N Bank and BCU)
  • Police Bank (trading as: Police Bank, Border Bank and Bank of Heritage Isle)
  • Police Credit Union
  • Qudos Bank
  • Queensland Country Bank
  • RACQ Bank
  • Regional Australia Bank
  • South West Slopes Bank
  • Southern Cross Credit Union
  • Summerland Bank
  • Teachers Mutual Bank Limited (trading as: Teachers Mutual Bank, Firefighters Mutual Bank, Health Professionals Bank, UniBank, Hiver)
  • The Capricornian
  • The Mac
  • The Mutual Bank
  • Traditional Credit Union
  • Transport Mutual Credit Union
  • Unity Bank (trading as: Unity Bank and Reliance Bank)
  • Warwick Credit Union
  • Woolworths Team Bank

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