Mutual Banking Code of Practice

Millions of Australians are members of credit unions and the mutual banking sector. Nurses First meets the same regulatory standards and is subject to the same prudential standards as the major banks. The difference between credit unions and mutual’s and the banks is our guarantee to serve our members first. We have worked closely with Abacus, the industry body representing the Australian mutual banking sector, comprising credit unions, mutual banks, mutual building societies and friendly societies, to develop the Mutual Banking Code of Practice.

The Mutual Banking Code of Practice (MBCOP) is the code of practice for the Australia’s mutual banking sector.

The Mutual Banking Code of Practice commenced on 1 July 2009. Members of the Australian mutual banking sector can have confidence in knowing they are covered by a market leading commitment to fair and responsible banking. The Code is just another example of the value the mutual banking sector places on improving the financial wellbeing of their members and their communities.

Mutual banking delivers member-focused, competitive retail financial services – outstanding services and fairer fees. The Australian mutual banking sector exists to serve their members, not simply to drive high profits for external shareholders.

The Mutual Banking Code of Practice is the public expression of our commitment to these fundamental principles – a legal and moral commitment to delivering on our promise to members of mutual financial institutions.

10 key promises:

The Mutual Banking Code of Practice is how the Australian mutual banking sector will deliver on their pledge to always put members first.

The Code contains 10 promises that outline how we do this:

Our Ten Key Promises to you:

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.

More information:

For more information view the full version on the Mutual Banking Code of Practice.