Credit Unions, Building Societies and Mutual Banks are customer-owned financial institutions

Each customer owns an equal share of the business and is referred to as a Member.

Unlike banks, mutuals have no external shareholders to pay in the form of dividends, and as such, do not usually seek to make large profits or capital gains.

Profit is returned back to Members via low rates and fees and superior service.

The Mutual Banking Code of Practice

The Mutual Banking Code of Practice is how credit unions and mutual building societies will deliver on their pledge to always put members first.

The Code contains 10 promises that outline how we will do this.

Our 10 key promises to you:

We will be fair and ethical in our dealings with you We will focus on our members We will give you clear information about our products and services. We will be responsible lenders We will deliver high customer service and standards We will deal fairly with any complaints We will recognise member rights as owners We will comply with our legal and industry obligations We will recognise our impact on the wider community We will support and promote this Code of Practice.