Savings & Loans has joined with the other 126 credit unions and building societies in Australia to launch the Mutual Banking Code of Practice. The code spells out our responsibilities to our members and what they can expect from us.
The term ‘mutuals’ refers to organisations such as Savings & Loans that are owned by our customers (or members, as we like to call them).
The code is a pretty lengthy document but it can be summed us by the ’10 Key Promises’ that underpin it:
We will be fair and ethical in our dealings with you. This means that we’ll always act with honest and integrity and treat our members with respect whenever we interact with them.
We will focus on our members. Everything we do is designed to ultimately benefit members and provide them with friendly service and competitive products.
We will give you clear information about our products and services. We’ll provide you with everything you need to understand our products. This includes interest rates, fees and charges, as well as regular statements delivered electronically or by mail. Our advertising won’t be misleading and will explain to you how to minimise interest payments and fees.
We will be responsible lenders. This means that we won’t encourage our members to take on debt that we think will put they’ll struggle to service or repay. If someone is in financial hardship, we’ll work with them and offer assistance.
We will deliver high customer service and standards. This means that we’ll provide you with service that is reliable and give you real value. Our staff will be well trained and we’ll keep all of your personal information confidential and secure.
We will deal fairly with any complaints. If you aren’t happy with Savings & Loans, you’re free to lodge a complaint with us, which we’ll handle quickly and fairly. We’ll explain other avenues for resolving disputes if you’re not happy with our decision.
We will recognise member rights as owners. Being a mutual organisation helps set us apart from other financial institutions – this means that everyone who has an account with us is an owner. We’ll make sure that you’re kept updated with the benefits, costs and impacts of our status as a mutual, as well as reasonable proposals to change our mutual structure. (You can see our Constitution for more information on our position as a mutual.)
We will comply with our legal and industry obligations. Banking is a highly regulated industry, with rules and regulations in place to protect consumers. As a responsible institution, we will abide by all of these codes and laws.
We will recognise our impact on the wider community. Savings & Loans doesn’t exist in a vacuum – everything we do impacts the wider community somehow. We’re committed to being engaged with the community and reducing our impact on the environment.
We will support and promote the Mutual Code of Banking. This means making sure that all parts of our operations abide by the code and make sure our members are aware of it.
The explanations are my words, not the official explanations from the code.
From our point of view, not a lot will change at Savings & Loans a result of signing up to the code – it’s the same concept as our Members First Policy and Member Charter. These documents have been around in some form or another and are well and truly entrenched in how we operate.
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