The Australian Competition and Consumer Commission (ACCC) has announced that it has granted final authorisation of the Customer Owned Banking Code of Practice (2022 Code) until 19 August 2027. Background.

COBA’s members are mutual banks, credit unions and building societies that provide retail banking services and in some cases business banking services in competition with national and regional banks.

The provisions relate to commitments by signatories to limit fees and charges and enhance protections offered to customers and guarantors including in cases of financial hardship.

The ACCC considers the relevant provisions of the Code of Practice are likely to result in public benefits by improving the accessibility and affordability of banking services, enhancing protection for customers and guarantors and enhancing competition by COBA members with other participants in the banking sector. The ACCC considers that there are unlikely to be public detriments.

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Author: David Jacobson
Principal, Bright Corporate Law
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The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.