The ACCC has granted authorisation to enable the Customer Owned Banking Association to implement certain provisions of its code of practice. Authorisation has been granted until 19 August 2027.
Broadly, the authorised provisions relate to commitments by signatories to the code of practice to limit fees and charges and enhance protections offered to customers and guarantors including in cases of financial hardship. COBA’s members are mutual banks, credit unions and building societies that provide retail banking services and in some cases business banking services in competition with national and regional banks.
The ACCC considers the relevant provisions of the code of practice are likely to result in public benefits by improving the accessibility and affordability of banking services, enhancing protection for customers and guarantors and enhancing competition by COBA members with other participants in the banking sector. The ACCC considers that there are unlikely to be public detriments.
More information about the ACCC’s decision is available on the public register at Customer Owned Banking Association.