Credit unions are committed to acting with members' interests at heart. As part of our ongoing commitment we meet high regulatory and self-regulatory standards and provide members with ways to raise concerns or complaints, should they arise.
For many years, credit unions have adopted the Credit Union Code of Practice, which sets standards of good practices and service for our industry, and promotes informed relationships between members and their credit union. The Code also requires credit unions to have procedures in place for resolving disputes with members.
You can download a copy of the Credit Union Code of Practice here.
A revised Mutual Banking Code of Practice:
Abacus is currently developing a new Mutual Banking Code of Practice to apply to credit unions and mutual building societies around Australia. Once this Code comes into effect (proposed for July 2009), it will replace the current Credit Union Code of Practice. (The Credit Union Code of Practice will continue to apply until then.)
Further information on the Mutual Banking Code of Practice is available on the Abacus website.
Credit Union Values in Action
As well as the Code of Practice, credit unions have also committed to putting their Values in Action, through binding commitments to adhere to the Code and Philosophy & Principles of our industry. Australian credit unions have released "Values in Action" - an industry document that sets out how credit unions will deliver on our values to our members, staff and communities.
The core values of the Australian credit union sector are: