ABACUS - Australian Mutuals

Credit unions and mutual building societies are customer owned financial institutions that are committed to putting their members first by delivering outstanding services, fairer fees and highly competitive interest rates. They are also committed to responsible lending practices and to helping their members gain financial independence.

The draft Mutual Banking Code of Practice is the public expression of our commitment to these fundamental principles – a legal and moral commitment to delivering on our promise to members of mutual financial institutions.

The revised draft Mutual Banking Code of Practice has been developed in close consultation with the community, regulators and consumer groups. Abacus published the original draft for consultation in November 2007 - a copy of the original draft and copies of the submissions received by Abacus are available here, together with an explanatory document that summarises the major changes made to the original draft and the rationale for those changes.

Abacus believes the revised draft Code has taken on many of the constructive suggestions put forward by external stakeholders and we thank them for their contribution to this important work.

Further details about Code Monitoring and inclusion of the account switching requirements announced by the Treasurer Wayne Swan in February 2008 will be included in the Code over the next few months.

All additions to the Code will be finalised in the latter part of 2008 and the Code will come into effect in 1 July 2009.

Abacus and its mutual financial institution members believe that the revised Code of Practice sets a strong benchmark for industry codes of practice and is a firm statement of the commitment of mutual financial institutions to their members.