Customer Owned Banking Code of Practice
Woolworths Team Bank is a member of the Customer Owned Banking Association (COBA), and we are committed to complying with the Customer Owned Banking Code of Practice.
The Customer Owned Banking Code of Practice is the code of practice for Australia’s credit unions, mutual banks and mutual building societies.
We support the Customer Owned Banking Code of Practice, a set of ethical standards for customer owned banks, credit unions and mutual building societies which focus on customer benefits, community involvement, fairer fees and quality service.
The Code is a public expression of the level of support that subscribers will provide to its customers and the community, and the standards by which they be held accountable. It outlines clearly and transparently what a customer can expect when dealing with a Code subscriber.
The Code establishes higher standards than the law requires and reflects the customer owned banking sector’s commitment to serving the interests of its customers.
Key Promises
The 2022 Code is underpinned by seven key promises. These promises are the principles that form the basis of the Code, informing all other provisions and obligations.
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.
Customer Owned Banking Code Compliance Committee
The Code Compliance Committee (Committee) monitors compliance with the Customer Owned Banking Code of Practice and promotes good industry practice; supporting customer owned banks to achieve service standards Australians can trust. The Committee has three main functions:
- Compliance monitoring
- Investigations and inquiries, and
- Engagement with industry and consumer stakeholders.
The Committee’s work includes:
- empowering consumers to access their rights under the Code
- supporting Code Subscribers to comply with the Code, and
- providing Code training.
Visit the Code Compliance Committee website for more information.
