Credit unions and mutual building societies have launched Australia’s first code of practice to commit to fair, responsible and ethical lending practices.

With thousands of Australian families currently experiencing financial distress, the new Mutual Banking Code of Practice has been developed by industry body Abacus – Australian Mutuals. Under the new Code, credit unions and mutual building societies make a clear commitment to responsible lending - well ahead of the proposed federal credit legislation and well ahead of any commitments being considered by other lenders.

The new Code of Practice has been designed to help you easily understand our products and services and outlines 10 key promises to ensure that all credit unions and mutual building societies will be fair and ethical when dealing with you.

The 10 key promises are that we will:

1. Be fair and ethical in our dealings with you
2. Focus on our members
3. Give you clear information about products and services
4. Be responsible lenders
5. Deliver high customer service and standards
6. Deal fairly with any complaints
7. Recognise member rights as owners
8. Comply with our legal and industry obligations
9. Recognise our impact on the wider community
10. Support and promote this Mutual Banking Code of Practice

Download the Mutual Banking Code of Practice.