In our joint submission with Financial Rights Legal Centre to Report Three of the Customer Owned Banking Association’s (COBA) independent review of the Customer Owned Banking Code of Practice (COBA Code), we recommend the Customer Owned Banking Code Compliance Committee (COBCCC) be empowered to:
- investigate broad, systemic Code breaches
- engage in whole-of-sector investigations into a particular type of breach
- issue fines or impose community benefit payments as available sanctions for breach.
These powers will help to drive good practice within the customer owned banking sector.