Consultation paper to be released early in 2026
The Customer Owned Banking Association (COBA) has formally launched an independent review into the Customer Owner Banking Code of Practice to determine if current standards remain to serve the 5.4 million customer-strong mutual banking sector.
AS the industry rulebook for Australia’s mutual banks and credit unions, the Code is expected to go over and above legal requirements to ensure public trust in the sector.
“Customer-owned banks are driven by their people-first ethos and have a long history of putting customers first. To ensure this commitment remains robust, we initiate regular independent reviews of the Code,” said COBA chief executive Michael Lawrence (pictured).
“This independent process is an important opportunity to review protections for all customers, especially those experiencing vulnerability or financial hardship in today's rapidly changing environment,” he added.
The Code requires an independent review at least every five years. Throughout the review, COBA intends to consult with a broad range of stakeholders, spanning customers, consumer advocates, financial regulators, and the wider community.
“We are dedicated to carefully considering all feedback and recommendations arising from this process to improve the Code for the benefit of millions of Australians and the broader customer-owned banking industry,” said Lawrence.
The independent review will also assess the Customer Owned Banking Code Compliance Committee (COBCCC), which monitors code compliance, to ensure its performance and practices help drive best practice.
Scheerlinck Consulting principal Eva Scheerlinck has been appointed as the independent reviewer.
“Throughout my career, I have championed consumer protection, fair treatment, and financial inclusion – values that align directly with customer-owned banking's core purpose,” Scheerlinck said. “I look forward to working with a broad range of stakeholders to ensure the sector delivers on its promises to customers.”
The review will also assess the Customer Owned Banking Code Compliance Committee (COBCCC), which monitors code compliance, to ensure its performance and practices help drive best practice.
A consultation paper will be released early in 2026, when the public will be invited to provide formal feedback.
