Public views sought on new Code of Practice for mutual financial institutions
01 November 2007
Abacus – Australian Mutuals is seeking public comment on a proposed new Code of Practice for Australia’s credit unions and mutual building societies.
Once finalised, the new Code will replace the current Credit Union Code of Practice, and will apply to all our credit union and mutual building society affiliated organisations.
Abacus is the peak industry body for Australia’s 142 credit unions and 9 mutual building societies. Formed in 2006, Abacus brings together the membership of the Credit Union Industry Association (CUSCAL), the Australian Association of Permanent Building Societies and the National Credit Union Association of Australia to represent all Australia’s customer-owned banking institutions.
The Draft Code of Practice covers a wide range of banking and related topics, and proposes initiatives in areas including product information, fair terms, responsible lending practices, finance brokers, equity release products, account information, customers in financial difficulties and complaint handling.
The Draft Code has been developed in close conjunction with Abacus members, and we have had some preliminary input on issues from key external stakeholders as well.
Comments are invited from any interested person or organisation including: members and customers of credit unions and building societies; consumer and community organisations; government bodies; external dispute resolution schemes; service providers; academic and other experts; and financial institutions and their representatives.
Copies of the consultation paper and Draft Code are attached below. Comments must be received by Friday 7 December 2007 at the latest.
For more information, contact:
Louise Petschler, Head of Public Affairs
(02) 8299 9046; 0408 239 226;
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or
Paul Murton, Media Relations Manager
(02) 8299 9024; 0434 185 229;
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