AS the industry rulebook for Australia’s mutual banks and credit unions, the Code is expected to go over and above legal requirements to ensure public trust in the sector.
“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,” said COBA chief executive Michael Lawrence (pictured).
“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,” he added.
The Code requires an independent review at least every five years. Throughout the review, COBA intends to consult with a broad range of stakeholders, spanning customers, consumer advocates, financial regulators, and the wider community.
“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,” said Lawrence.
Read More: Review of customer-owned banking code of practice gets underway
