What is the Customer Owned Banking Code of Practice?
The Customer Owned Banking Code of Practice (COBCOP) is a code of practice for Australia’s credit unions and mutual building societies which outlines how they will deliver on their pledge to always put Members first. It has been developed in close consultation with the community, government, consumer groups and our Members and commenced on January, 2014.
What does this mean for Members?
Members of credit unions like Community First Credit Union Limited can have confidence in knowing they are covered by a plain English commitment to fair and responsible banking. The Code is just another example of the value credit unions like Community First Credit Union Limited place on improving the financial wellbeing of their Members and their communities.
What does it mean to be part of a mutual, like Community First Credit Union Limited?
As we are owned by our Members, we are focused on Member-benefit, community involvement, fairer fees and superior levels of service. We exist to serve our Members, not simply to drive high profits for external shareholders.
Our 10 key promises to you
The Customer Owned Banking Code of Practice is how credit unions and mutual building societies will deliver on their pledge to always put members first. The Code contains 10 promises that outline how they will do this which are listed below.
1. We will be fair and ethical in our dealings with you
2. We will focus on our members
3. We will give you clear information about our products and services
4. We will be responsible lenders
5. We will deliver high customer service and standards
6. We will deal fairly with any complaints
7. We will recognise member rights as owners
8. We will comply with our legal and industry obligations
9. We will recognise our impact on the wider community
10. We will support and promote this Code of Practice.
How to find out more or get a copy
If you'd like to find out more about the Customer Owned Banking Code of Practice and how we deliver on these promises, you can view the full version here.