An independent review of the Customer Owned Banking Code of Practice (the Code) is officially underway with the release of a consultation paper inviting customers, advocates, and industry stakeholders to shape the future of the sector’s standards.
“The consultation phase is critical to ensuring the Code remains robust and effective for the 5.4 million Australians who bank with a customer-owned bank,” independent reviewer Eva Scheerlinck of Scheerlinck Consulting said.
“While the Code is built on a foundation of putting people first, its effectiveness depends on it remaining meaningful in practice, not just well-intentioned in form. That’s why we are inviting individuals and organisations to share their first-hand experiences on where the Code delivers results, where it misses the mark, and how it must evolve to remain robust.”
The consultation paper highlights several priority themes, including the growing sophistication of financial abuse and scams, the role of banks in supporting customers experiencing vulnerability and the effectiveness of hardship assistance, especially as escalating cost-of-living pressures place a growing strain on Australian households.
Furthermore, the review is also examining how the Code supports inclusive and culturally safe banking for First Nations customers.
COBA CEO Michael Lawrence welcomes the independent review, which will ultimately deliver better customer outcomes and lift the standard for the entire industry.
“For customer-owned banks, the Code’s true value is measured by the timely, meaningful support it provides to those who need it most – especially people navigating financial hardship, the aftermath of a natural disaster or experiencing vulnerability. This independent review is an important opportunity to strengthen our sector’s consumer protections and ensure they remain robust in today’s rapidly changing environment,” Mr Lawrence said.
The consultation paper poses 18 key questions designed to evaluate whether the Code’s current promises translate into meaningful day-to-day banking behaviours and outcomes. To answer these questions, Ms. Scheerlinck is calling for formal submissions to address how the Code operates in a rapidly shifting financial landscape, due by 2 April 2026.
The consultation paper and details on how to make a submission are available on the Customer Owned Banking Association website.
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 level of support subscribers will provide, establishing higher standards than the law requires and reflecting 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, including the Terms of Reference and the consultation paper, is available here.
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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.