The Customer Owned Banking Code of Practice (COBCOP) is a code of practice for Australia's customer owned banks, credit unions and building societies which outlines how they will deliver on their pledge to always put customers first. It has been developed in close consultation with the community, government and consumer groups.
Customers of customer owned banks like Bank of us can have confidence in knowing they are covered by a plain English commitment to fair and responsible banking. The Code is just another example of the value customer owned banks like Bank of us place on improving the financial wellbeing of their customers and their communities.
As we are owned by our customers, we are focused on customer-benefit, community involvement, fairer fees and superior levels of service. We exist to serve our customers, not simply to drive high profits for external shareholders.
The Customer Owned Banking Code of Practice is how we will deliver on our pledge to always put our customers first. The Code contains seven key promises that outline how we will do this, as 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.