Codes, Guidelines and Principals

The majority of COSL Members are bound by certain Codes of Conduct, Principles and Guidelines. Some of these have been prepared by industry bodies or government organisations,

MFAA Code of Practice

The Code of Practice of the Mortgage & Finance Association of Australia (MFAA) is intended to establish professional standards for its members when dealing with their clients and to promote ethical and fair business practices.

The MFAA Code of Practice binds members of the MFAA to whom the Code applies.

The MFAA is the peak industry body for mortgage and finance brokers, mortgage managers, aggregators, lenders and originators.

Download the MFAA Code of Practice

Visit www.mfaa.com.au

Mutual Banking Code of Practice

The Mutual Banking Code of Practice contains 30 specific commitments and 10 key promises applying to mutual members and their customers. Subscribing members of Abacus are bound to observe the Mutual Banking Code of Practice.

Abacus Australian Mutuals is the industry body for Australia’s credit unions and mutual building societies.

Download the Mutual Banking Code of Practice

Visit www.abacus.org.au

FBAA Code of Practice

The Code of Practice of the Finance Brokers Association of Australia (FBAA) is a voluntary self regulatory code which prescribes standards of behaviour, accountability and record keeping for its members.

The FBAA is an industry body specifically catering for finance brokers who offer consumer and commercial finance, lease and motor vehicle finance and business and debtor finance.

Download the FBAA Code of Practice

Visit www.fbaa.com.au

Centrelink Code of Operation

Under the Centrelink Code of Operation with Participating Financial Institutions, if a recipient of Centrelink benefits overdraws their account, the financial institution must, unless otherwise agreed, allow the Centrelink recipient to access up to 90% of their future Centrelink benefits (until the account is
no longer overdrawn).

Download the Code of Operation

Visit www.centrelink.gov.au

Credit Reporting Code of Conduct

Before credit is granted by a credit provider to a person, it is usual for it to check the person’s credit report. Credit reporting agencies provide credit providers with reports on whether a person has made enquiries about credit, has defaulted under a credit contract, has had any judgments entered in a court, and whether or not the person is or has been bankrupt.

Credit reporting is regulated by the Privacy Act 1988 (Cth). The Act sets out what information can or cannot be recorded by a credit reporting agency, and one of the primary functions of both the Act and the Credit Reporting Code of Conduct is to ensure that only permitted and accurate information is included on a person’s file.

Any organisation wishing to access the credit reporting system must subscribe to the Credit Reporting Code of Conduct. The Code is legally binding on subscribing organisations.

Download the Credit Reporting Code

Visit www.privacy.gov.au

EFT Code of Conduct

The EFT Code is a code of practice which sets out rules about how electronic funds transfers should work. Businesses may choose whether to sign up to the Code. If they do, they must follow the Code in their dealings with you.

The EFT Code of Conduct applies to credit cards and non-cash payment facilities, such as direct debit, ATM, EFTPOS, Internet banking, telephone/IVR banking and BPAY.

The EFT Code sets out rules about:

• the information you must be given and when and how it is provided
• what happens when things go wrong, including who is liable when there is an unauthorised transaction on your account
• your responsibility to look after your PINs and passwords and keep them secret
• procedures for making complaints
• special rules to protect the users of stored value facilities
• privacy
• when institutions can contact you electronically rather than on paper.

Download the EFT Code of Conduct

Visit www.fido.gov.au

Financial Planners’ Code of Ethics and Rules of Professional Conduct

The Financial Planners’ Code of Ethics includes general standards of conduct to be observed by financial planners. These include integrity, objectivity, competence and fairness.
?The Financial Planning Association of Australia is a professional body for financial planners.

Subscribing members of the FPA are bound by the FPA Code of Ethics.

Download the FPA Code of Ethics

Visit www.fpa.asn.au

ACCC/ASIC Debt Collection Guidelines

The Debt Collection Guidelines, a joint publication by ASIC and the ACCC, set out the obligations of organisations engaged in debt collection activity.

The guideline provides guidance on what creditors and debt collectors should and should not do if they wish to minimise the risk of breaching the law.

Download the Debt Collection Guideline

Visit www.accc.gov.au/debtcollection

National Privacy Principles

The National Privacy Principles comprise 10 principles which companies are required to observe. Some of these relate to:

• Collection
• Use and disclosure
• Data quality
• Data security
• Openness
• Access and correction

Download the National Privacy Principles

Visit www.privacy.gov.au