Customer Owned Banking Code Of Practice (COBCOP)

About the Customer Owned Banking Code of Practice

Around four and a half million Australians bank with a customer-owned banking institution. Accordingly, customer-owned banking institutions add greatly to the competitive landscape in Australia. We meet the same regulatory standards as other banks, and are prudent and strong financial service providers.

We are different in that we offer customers the opportunity to bank with an institution in which they have an equal ownership stake along with all other customers. Typically, customer-owned banking institutions have their origins in a particular community, and we retain today our emphasis on contributing to the community in which we operate.

COBCOP is an important public expression of the value we place on improving the financial wellbeing of our individual members and their communities. This is the reason that we exist.

The Code has been developed by the Customer Owned Banking Association (COBA) working with COBA members, consumer groups and other stakeholders. The current version of the Code was approved for use by the COBA Board on 20 April 2021.

Our 7 key promises to you

The Customer Owned Banking Code of Practice is how credit unions and mutual building societies will deliver on their pledge to always put members first. The Code contains 7 promises that outline how they will do this which are listed below.
1. We will deliver banking services in the interests of our customers.
2. We will obey the law.
3. We will not mislead or deceive.
4. We will act honestly and fairly.   
5. We will offer products and services that are fit for general purpose.   
6. We will deliver services with reasonable care and skill.
7. We will contribute to our community.   

How to find out more or get a copy


Community First Credit Union LimitedABN 80 087 649 938 | Operating as Community First Bank | AFSL and Australian credit licence 231204| BSB 512-170