COBA has begun an independent review of its banking code, appointing former AIST chief Eva Scheerlinck to lead the process.
The Customer Owned Banking Association (COBA) has commenced an independent review of the Customer Owned Banking Code of Practice to ensure standards remain robust and contemporary for the 5.4 million Australians the sector serves.
COBA CEO Michael Lawrence said customer-owned banks were driven by a people-first ethos and had a long history of prioritising customers, which is why regular independent reviews were required.
He said the process was an opportunity to examine protections for all customers, particularly those facing vulnerability or financial hardship in a rapidly changing environment.
The Customer Owned Banking Code of Practice sets the industry standard for Australia’s mutual banks and credit unions.
It publicly outlines the level of support subscribers will provide, setting obligations that exceed legal requirements and reinforcing the sector’s commitment to customer interests.
Eva Scheerlinck, former CEO of the Australian Institute of Superannuation Trustees and now principal of Scheerlinck Consulting, has been appointed as the independent reviewer.
She said her career had been built on championing consumer protection, fair treatment, and financial inclusion, all of which aligned with the core purpose of customer-owned banking.
“I look forward to working with a broad range of stakeholders to ensure the sector delivers on its promises to customers,” she added.
Scheerlinck previously established the AIST Governance Code in 2017, created its independent monitoring framework, and supervised its 2022 review, which lifted industry standards.
She also chairs the Code Authority for the Fundraising Institute of Australia.
COBA said the Code required an independent review at least every five years and that this process would be conducted in consultation with Australian customers, consumer advocates, financial regulators, and the wider community.
The review will also assess the Customer Owned Banking Code Compliance Committee to ensure its performance supports best practice.
“We are dedicated to carefully considering all feedback and recommendations arising from this process to improve the Code for the benefit of millions of Australians and the broader customer-owned banking industry,” Lawrence said.
A consultation paper will be released early in 2026, when the public will be invited to provide formal feedback.
