Abacus is currently reviewing the Mutual Banking Code of Practice (MBCOP).

The Code Review provides an ideal opportunity for interested parties to comment on the effectiveness of the current Code and to suggest improvements. Abacus will ensure that the Code review is performed in an open and transparent manner and that all stakeholders are given ample opportunity to share their views.

The MBCOP represents an expression of the value mutual ADIs place on improving the financial wellbeing of both individual members and their communities. As such, its aim is to continue to provide an important point of differentiation between the customer owned banking and the broader banking sector.

Abacus expects the review to be completed by mid-2013.

Independent consultant Cameron Ralph Navigator is currently preparing an Issues Paper, which will be uploaded shortly for comment. The Issues Paper will identify key areas for feedback, although stakeholders are of course free to comment on broader aspects of the Code’s operations should they wish.

There will be further updates on Abacus website about the review’s progress, and copies of stakeholder submissions will be uploaded as they are received.

If you have any questions about the Code Review process, please contact Abacus Senior Adviser – Policy, Micah Green, on (02) 8035 8447 or email [email protected].