Sydney, 18 December 2025: The Customer Owned Banking Association (COBA) has commenced a comprehensive, independent review of the Customer Owned Banking Code of Practice (the Code) to ensure its standards remain robust and contemporary for the 5.4 million Australians the sector serves.
“Customer-owned banks are driven by their people-first ethos and have a long history of putting customers first. To ensure this commitment remains robust, we initiate regular independent reviews of the Code,” COBA CEO Michael Lawrence said.
He continued: “This independent process is an important opportunity to review protections for all customers, especially those experiencing vulnerability or financial hardship in today’s rapidly changing environment.”
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.
Eva Scheerlinck, Principal of Scheerlinck Consulting has been appointed the independent reviewer. She has a strong background in industry code governance and consumer protection.
“Throughout my career, I have championed consumer protection, fair treatment, and financial inclusion – values that align directly with customer-owned banking’s core purpose,” Ms Scheerlinck said.
“I look forward to working with a broad range of stakeholders to ensure the sector delivers on its promises to customers,” she added.
Ms Scheerlinck established the Australian Institute of Superannuation Trustees Governance Code in 2017, created its independent monitoring framework, and supervised its 2022 review that lifted industry standards.
She currently chairs the Code Authority for the Fundraising Institute of Australia.
The Code requires an independent review at least every five years. The process will be completed in consultation with a broad range of stakeholders, including Australian customers, consumer advocates, financial regulators, and the wider community.
The independent review will also assess the Customer Owned Banking Code Compliance Committee (COBCCC), which monitors code compliance, to ensure its performance and practices help drive best practice.
“We are dedicated to carefully considering all feedback and recommendations arising from this process to improve the Code for the benefit of millions of Australians and the broader customer-owned banking industry,” Mr Lawrence said.
The Consultation Paper will be released early in 2026, when the public will be invited to provide formal feedback.
More information about the Code review, including the Terms of Reference, 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.