Description of Conduct

The provisions in the 2022 Code that are the subject of COBA’s authorisation application include commitments to:

  1. not charge or only to charge at cost a fee, cost or interest (or rebate such fee or interest charged) in connection with the relevant products or services provided by COBA member institutions;
  2. dishonour credit card transactions that would result in a customer exceeding their credit limit by more than 10%;
  3. not require customers experiencing financial difficulty to access their superannuation to meet their loan obligations;
  4. restrict the circumstances under which the customer’s debt will be sold, particularly when the customer is experiencing financial difficulty or if the debt arose from violence or abuse;
  5. not take enforcement actions against the customer (including small businesses) or guarantor in connection with the customer’s loan in certain circumstances; and
  6. not include a general material adverse change default clause in small business loan contracts.

On 9 August 2022, the ACCC issued a determination granting authorisation until 19 August 2027.

On 6 October 2023, the ACCC issued a determination granting a minor variation to the authorisation to amend paragraph 91 of the Code to more clearly reflect the circumstances in which Code signatories will decline a credit card transaction that would result in the customer exceeding their credit limit by more than 10%. Authorisation, as varied, will remain in place until 19 August 2027.


  • Customer Owned Banking Association

Authorisation number(s)

  • AA1000609-2