New rules for mutual member registers
22 August 2007
New member register access rules for credit unions and mutual building societies recognise the significant value and sensitivity of a financial institution’s customer list, according to Abacus- Australian Mutuals.
“The new member register regulations that have now commenced represent a significant advance for our industry,” said Abacus CEO, Adrian Lovney. “We are delighted that our efforts, and those of other stakeholders, in working with the Federal Government, have produced such a good policy outcome.”
Mr Lovney said the regulations resolve the privacy and security concerns around access to a mutual’s list of members, for example, in a takeover bid situation.
The new regulations build in an important mailing house step for mutuals and add additional protections to ensure that institutions act in the best interest of members.
In summary, the new regulations create an additional path for third parties to contact a mutual’s members using a new mailing house step. They also allow for the review of any proposed communication’s legality.
As members of mutuals are both owners and customers of their mutual, granting a third party access to a member register is also asking for access to a customer list.
“Abacus has always stated it is unreasonable to expect any company to give its customer list to a competitor,” said Mr Lovney.
“The Government, through the Parliamentary Secretary to the Treasurer Chris Pearce, has recognised this reality and provided mutual member registers with a much improved regulatory framework.”
Abacus - Australian Mutuals is the industry body for credit unions and mutual building societies. We work with our 150 member institutions to promote the role of mutuals - building societies and credit unions that are owned by, and operated for, the benefit of their members. Our industry offers a different kind of banking: one that puts members first. More than four and a half million Australians are members of credit unions and building societies.
For more information:
Paul Murton
Media Relations Manager
(02) 8299 9024; (0434) 185 229;
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