Southern Cross Credit Union puts members first again under new Mutual Banking Code of Practice
Southern Cross Credit Union members will be among the first Australians to be protected under a new Code of Practice for credit unions and building societies that reflects how they deal with their customers and members.
The new Mutual Banking Code of Practice was developed for Australian credit unions and building societies by industry body Abacus – Australian Mutuals. The Code clearly sets out the rights of members and the responsibilities of their lenders.
Southern Cross Credit Union has already signed up to the new Mutual Banking Code of Practice. “There are many compelling reasons for people to bank with us – and the Code sets them out in plain English,” says the CEO, Peter Iwanuscha.
The new Mutual Banking Code of Practice draws on existing lending practices in the industry, and puts into print the expectations of both lenders and members where service, advice and price are concerned.
“Credit unions and mutual building societies in Australia offer a genuine and competitive alternative to the banks, “says Abacus CEO, Louise Petschler.
“Credit unions and mutual building societies continue to take the lead where responsible lending is concerned – and the new Mutual Banking Code of Practice puts into writing the guidelines for real service and value for Southern Cross Credit Union members,” says Mr Iwanuscha.
“At Southern Cross Credit Union we’ve always been community-focused and the new Mutual Banking Code of Practice sets out in plain English the responsible approach we take in meeting our members’ needs,” Peter says.
For easy reference, the new Mutual Banking Code of Practice has been broken down into 10 key promises that all accredited credit unions and mutual building societies must adhere to. The 10 key promises are:
1. We will be fair and ethical in our dealings with you
2. We will focus on our members
3. We will give you clear information about products and services
4. We will be responsible lenders
5. We will deliver high customer service and standards
6. We will deal fairly with any complaints
7. We will recognise member rights as owners
8. We will comply with our legal and industry obligations
9. We will recognise our impact on the wider community
10. We will support and promote this Mutual Banking Code of Practice
Copies of the Mutual Banking Code of Practice are available either through our branches or via email upon request. The full text of the Code is also available for download below.
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