Customer Owned Banking Code of Practice


Pulse Credit Union is owned by its members — this is what being a mutual means. As such, we are focused on member-benefit, community involvement, fairer fees and customer service.

The Customer Owned Banking Code of Practice is the industry code of the Customer Owned Banking Association, the association of mutual building societies and credit unions. Credit unions and mutual building societies already comply with a range of regulatory requirements including:

  • Responsible financial management requirements (under the Banking Act 1959 and our regulation by the Australian Prudential Regulation Authority)
  • Corporate and financial services’ licensing, advice and training, and disclosure regulation (under the Corporations Act 2001 and our regulation by the Australian Securities and Investments Commission)
  • Consumer credit laws
  • Privacy, fair trading and other Commonwealth, State and Territory legislation.

The Code establishes higher standards than the law requires in a range of areas, and addresses issues not addressed by the law. In adopting this Code, your Credit Union agrees to abide by the higher standards and additional requirements set out in the Code.

The Code puts into writing guidelines for real service and value and clearly sets out the rights of members and our responsibilities in dealing with you.

The Code describes standards of good practices and service, promotes informed relationships with our members and to have procedures in place for resolving disputes with members.

For easy reference, the new Customer Owned 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