A Credit Ombudsman Service Certificate of Membership is a 'Must Have' to Operate As a Mortgage Broker
Credit Ombudsman Service Certificate of Membership
The Code of Banking Practice (the Code) seeks to foster good relations between banks and their customers and to promote good banking practice by formalizing standards of disclosure and conduct which banks agree to observe when dealing with their customers.
The Code applies to banks who are members of the Australian Bankers Association and who agree to be bound by it. Some non-banks agree to comply with this Code on a voluntary basis.
The code applies to individuals and small businesses, and their guarantors. a small business is a business with less than 20 full-time (or equivalent) employees, or a manufacturing business with less than 100 full-time (or equivalent) employees.
The Code applies equally to personal and commercial lending.
The requirements under the Code are additional to those contained in the Consumer Credit Code which applies to loans made predominantly for personal, domestic or household purposes.
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