In its latest Bulletin, the Code Compliance Committee which monitors the Mutual Banking Code of Practice has emphasised the need for mutuals to train staff on the requirements of the Code to ensure that staff are aware of the Code and the benefits, rights and responsibilities of Mutuals towards their members.

Whilst there is an overlap with the training obligation in ASIC Regulatory Guide 146 (RG 146), the Mutual Banking Code of Practice deals with good practice as well as legal obligations. There are also provisions in the Code that are not dealt with in the National Credit Code or the Corporations Act, such as direct debits, chargebacks, joint accounts and subsidiary cards.

The Code also extends to Small Business members or customers.