Mutual Banking Code of Practice
The Mutual Banking Code of Practice is the code of practice for Australia’s credit unions and mutual building societies. It came into effect on 1 July 2009.
The Mutual Banking Code of Practice identifies 10 key promises made to members (customers) and how credit unions and mutual building societies are expected to meet these expectations.These 10 key promises cover areas such as:
- acting fairly and ethically
- being member focused
- providing clear information about their products and services
- lending responsibly
- delivering high customer service and standards
- dealing fairly with any complaints
- recognising member rights as owners
- complying with the legal and industry obligations
- recognising their impact on the wider community
- supporting and promoting the Code of Practice
Abacus Australian Mutuals is the industry body for the Australian mutual financial services sector, an alliance of mutual building societies, credit unions and friendly societies. Abacus Australian Mutuals and its members believe that the Mutual Banking Code of Practice establishes a strong benchmark for industry and is a clear statement of the commitment credit unions and mutual building societies make to their members.
To find out more about the Mutual Banking Code of Practice you can visit the Abacus Australian Mutuals website.
Download the Mutual Banking Code of Practice [PDF 1.35MB]