Related Practice Codes & Guidelines

Mortgage & Finance Association of Australia (MFAA)

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 its members to the regulations stipulated throughout the document.

The MFAA is a professional industry association for mortgage and finance brokers, mortgage managers, lenders, aggregators and a range of other types of financial service professionals and providers.

MFAA IDR Procedures | MFAA Code of Practice | Mortgage & Finance Association of Australia website

Financial Planning Association (FPA) Code of Professional Practice

The Financial Planning Association Code of Professional Practice includes general standards of conduct to be observed by financial planners. These include standards of 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.

FPA Code of Professional Practice |

Customer Owned Banking Association Code of Practice

The Customer Owned Banking Code of Practice (COBCOP) is the code of practice for Australia’s credit unions, mutual banks and mutual building societies.

Code of Practice |

Finance Brokers Association of Australia (FBAA)

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 for finance brokers, mortgage brokers and commercial finance professionals, among other finance service professionals.

FBAA Code of Practice |

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).

Privacy (Credit Reporting) Code

Before credit is granted by a credit provider to a person, it is normal practice for the credit provider to check the applicant's credit report. Credit reporting agencies present credit providers with reports which detail the applicant's enquiries about credit, whether they have defaulted under a credit contract, had any judgments entered in a court, and whether or not the applicant is currently, or has previously 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.

Privacy (Credit Reporting) Code

ePayments Code 

The ePayments Code sets out rules about how electronic payment transactions 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 ePayments Code replaces the Electronic Funds Transfer Code of Conduct (EFT Code) with businesses transitioning to the ePayments Code between 20 September 2011 and 20 March 2013.

The ePayments Code applies to electronic payments, including credit card transactions, ATM transactions, EFTPOS transactions, online payments, internet and mobile banking, and BPAY.

The ePayments Code:

  • requires subscribers to give consumers terms and conditions, information about changes to terms and conditions (such as fee increases), receipts and statements,
  • sets out the rules for determining who pays for unauthorised transactions,
  • and establishes a regime for recovering mistaken internet payments. 

ePayments Code |

ACCC/ASIC Debt Collection Guidelines

The Debt Collection Guidelines, a joint publication by the Australian Security and Investments Commission (ASIC) and the Australian Competition and Consumer Commission (ACCC), sets 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.

ACCC Debt collection guideline for collectors & creditors |

Australian Privacy Principles

The Australian Privacy Principles comprise 13 principles which companies are required to observe. Some of these relate to:

  • collection
  • use and disclosure
  • data quality
  • data security
  • openness
  • Access and correction

Australian Privacy Principles |

Please contact us for information about the specific codes, industry guidelines and/or practice standards CIO formally recognise and apply in the process of complaint resolution.