BSB 806 015

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BSB 806 015

The customer-owned banking difference

Our customers and owners are one and the same, so there’s no conflict with shareholders, like the listed banks. Our customer focus is central to our purpose which is “to enrich the lives of our customers and their communities”.

Customer-owned banks give back to our communities, putting people before profits and keeping customers at our core.

Customer-owned banks:

  • Have an incredibly strong track record of being socially responsible lenders, as the ethos of mutuality is underscored by social responsibility.
  • Were the original peer-to-peer lenders, founded on the principle of supporting the community.
  • Consistently has the highest levels of customer satisfaction and trust among banking groups according to Roy Morgan research.*

*Roy Morgan’s Consumer Banking June 2022 Australia report

Customer-owned banks are Authorised Deposit-taking Institutions (ADIs) under the Banking Act, regulated to the same high standards as major banks with strict oversight by APRA.


COBA - Customer Owned Banking Association

COBA is the industry advocate for Australia’s customer-owned banks which represents over five million customers across Australia.

COBA’s vision is to be the recognised, successful and leading advocate for a more competitive retail banking sector and a champion of the benefits of the customer owned model. It represents 57 credit unions, mutual banks and building societies which combined, are the fifth largest holder of deposits outside Australia’s ‘big four’ banks.

As a customer owned bank, our customers and shareholders are one and the same, and therefore there’s no natural conflict with shareholders like the listed banks. We are solely customer focused – all profits are used to benefit you.

Customer Owned Banking Code of Practice

Police and Nurses Limited (P&N Bank) is a member of COBA and subscribes to and follows the Customer Owned Banking Code of Practice, which clearly and transparently outlines what a customer can expect when dealing with us.

We will comply with this Code in our dealings with you. We will incorporate this Code by reference in our written Terms and Conditions for products and facilities to which the Code applies.

The 2022 Code is underpinned by seven key promises. These promises are the principles that form the basis of the Code, informing all other provisions and obligations.

  1. We will deliver banking services in the interests of our customers.
  2. We will obey the law.
  3. We will not mislead or deceive.
  4. We will act honestly and fairly.
  5. We will offer products and services that are fit for general purpose.
  6. We will deliver services with reasonable care and skill.
  7. We will contribute to our community.

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