Customer Owned Banking Code of Practice
Over 4 million Australians are members of member-owned banks (like First Option), credit unions and mutual building societies. We meet the same regulatory standards as the big banks and are prudent and strong financial service providers.
The difference between member-owned banks and the big banks is our guarantee to serve our Members first.
We worked closely with the Customer Owned Banking Association (the Australian governing body of member-owned banks, credit unions and mutual building societies) to develop the Customer Owned Banking Code of Practice.
What is the Customer Owned Banking Code of Practice?
The Code is an important public statement of the value we place on improving the financial well-being of our members and the education of the community.
It reinforces our commitment to:
the benefits of mutuality
excellence in member service
We will comply with this Code in our dealings with you.
We will incorporate this Code by reference in our written Terms and Conditions for products and facilities to which the Code applies.
We will do this within twelve months of agreeing to adopt this Code (or, if later, within twelve months of the commencement date of this Code).
Our Code obligations include the following key promises that we make to you as our customers and owners...
Our key promises
We are a proud member of the Customer Owned Banking Association and as a member, we subscribe to the COBA Code of Practice.
The code adopts the following seven key promises:
We will deliver banking services in the interests of our customers
We will obey the law
We will not mislead or deceive
We will act honestly and fairly
We will offer products and services that are fit for general purpose
We will deliver services with reasonable care and skill
We will contribute to our community
How does it affect you?
The Customer Owned Banking Code of Practice is how we deliver on our guarantee to serve our members first.