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This is a joint submission by CARE, CHOICE, Consumer Action Law Centre, Consumer Credit Legal Service Western Australia, Consumer Policy Research Centre, Each, Financial Counselling Australia, Financial Counselling Victoria, Financial Counsellors Association of Western Australia, Indigenous Consumer Assistance Network, Mob Strong Debt Help, Mortgage Stress Victoria, South Australian Financial Counsellor Association, Thriving Communities Australia, and Vacro.

Throughout this submission we provide examples from our casework of the harm caused by Customer Owned Banking sector service failures.  All case studies are de-identified to protect the privacy of the individual sharing their story.

The intention of this submission is to provide insights into where the Customer Owned Banking sector can improve.  As consumer advocates, whose staff work every day with people experiencing financial difficulty and other challenging life events, we are committed to driving good outcomes for people.  Banking is an essential part of modern life, and banks must provide these services that meet the range of financial needs of their customers. This does not mean minimal compliance with the law – it means understanding those needs and responding appropriately. As a sector that positions itself as the banks that put people first, there is a reasonable expectation that a COBA member will distinguish itself as connected and responsive to its customers.

Read the recommendations and full submission (PDF).