WARWICK, Australia (7/15/09)--A new Code of Practice for Australian credit unions will specify how credit unions should deal with their members. The new Mutual Banking Code of Practice was developed for Australian credit unions and building societies by industry trade association Abacus-Australian Mutuals (Weekly Trader
July 15). The new code was broken down into 10 key promises all accredited credit unions and mutual building societies must follow. They are:
* We will be fair and ethical in our dealings with you. * We will focus on our members. * We will give you clear information about products and services. * We will be responsible lenders. * We will deliver high customer service and standards. * We will deal fairly with any complaints. * We will recognize member rights as owners. * We will comply with our legal and industry obligations. * We will recognize our impact on the wider community. * We will support and promote this Mutual Banking Code of Practice.