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Customer Owned Banking Code of Practice

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The Customer Owned Banking Code of Practice is the code of practice for Australia’s Credit Unions and Mutual Building Societies. The Code has been developed in close consultation with the community, government, consumer groups and our members.

Credit Unions and Building Societies are owned by our members — this is what being a mutual means. As such, we are focused on member-benefit, community involvement, fairer fees and customer service.

As a Credit Union we already comply with a range of regulatory requirements including:

  • Responsible financial management requirements (under the Banking Act 1959 and our regulation by APRA)
  • Corporate and financial services’ licensing, advice and training, and disclosure regulation (under the Corporations Act 2001 and our regulation by ASIC)
  • Consumer credit laws
  • Privacy, fair trading and other Commonwealth, State and Territory legislation.

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