The Customer Owned Banking Association (COBA) has announced that it has appointed a consultant to conduct the review of the Customer Owned Banking Code of Practice (the Code).

The Code sets out the conduct and the standards that must be met by Australia’s credit unions, mutual building societies and mutual banks in addition to legal requirements.

This Code applies to mutuals’ dealings with their individual and Small Business customers and individuals and Small Businesses who give guarantees or indemnities securing loan facilities that mutuals provide to their customers.

The Code began on 1 January 2014 and was last revised on 1 January 2018.

An Issues Paper will be issued shortly asking for submissions to the review.

It is likely that the review will consider the new version of the Banking Code of Practice subscribed to by members of the Australian Banking Association as well as Final Report of the Financial Services Royal Commission.

COBA anticipates that the review will be completed mid-way through 2019.