The Customer Owned Banking Association (COBA) has announced its agreement to sixteen recommendations in the Report by its independent consultant in its review of the Mutual Banking Code of Practice (MBCOP).
In addition, the MBCOP will be renamed “The Customer Owned Banking Code of Practice.”
The changes to the Code to take into account regulatory changes in the last 3 years. The changes include:
- Responsible lending
- Credit limit increase offers
- Reverse mortgage loans
- Third party service providers
- Stopping of direct debits
- Members with special needs
- Governance arrangements
The new Code is scheduled to take effect from 1 January 2014.
