The ALTERNATIVE global “monetary system” Credit Unions or “mutuals”.
The Mutual Banking Code of Practice (MBCOP) is the code of practice for Australia’s credit unions and mutual building societies.
The Mutual Banking Code of Practice commenced on 1 July 2009. Members of credit unions and mutual building societies can have confidence in knowing they are covered by a market leading, plain English commitment to fair and responsible banking. The Code is just another example of the value credit unions and mutual building societies place on improving the financial wellbeing of their members and their communities.
Mutual banking delivers member-focused, competitive retail financial services – outstanding services and fairer fees. Credit unions and mutual building societies exist to serve their members, not simply to drive high profits for external shareholders.
The 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.
While global financial markets continue to face upheaval, Australian credit unions and mutual building societies are well-placed to continue delivering for our members. With the big banks increasing their share of the market and the demise of second-tier lenders, credit unions and mutual building societies are more essential than ever to maintain competition in the market and real choice for consumers.