The Customer Owned Banking Association has appointed a former ASIC executive to review the code of practice that members of the association adhere to.
Former executive general manager Phil Khoury will lead the COBA review which outlines the conduct and standards that must be met by the credit unions, mutual banks and building societies.
Mr Khoury is currently principal of cameron.ralph.khoury but worked at ASIC from 1991 to 1999.
COBA’s chief executive Michael Lawrence said that Mr Khoury brought the right expertise to the role to ensure the code was up to consumer standards.
“His insights will be invaluable for the customer-owned sector as the regulatory and legal environment continues to evolve in the wake of the financial services royal commission,” he said.
Mr Lawrence said that the COBA’s members prided themselves on serving the customer and the code of practice needed to reflect that.
“The success of our model is demonstrated by our sector’s consistently superior performance on measures of trust and loyalty. Our sector exists to serve the interests of its customers, not shareholders.”
The code of practice is reviewed every five years and Mr Khoury said he welcomed the opportunity to re-examine the scope of the code.
“The review of the code will seek to ensure stakeholders’ concerns are openly gathered to help guide the final report.
“I am delighted to have the opportunity to be working with COBA once again.”
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