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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. We give back to our communities, putting people before profits and keeping customers at our core.

Socially responsible

Customer-owned banks have an incredibly strong track record of being socially responsible lenders, as the ethos of mutuality is underscored by social responsibility.

Community focused

Customer-owned banks were the original peer-to-peer lenders, founded on the principle of supporting the community.

Satisfied customers

Customer-owned banks as a group are ahead of banks in general when it comes to customer trust, collectively recording a higher net trust score than the banking industry as a whole.

* Roy Morgan's Consumer Banking June 2022 Australia report

Customer-owned Banking Association (COBA)

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. 

Visit the COBA website

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.

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


Download the COBA Code of Practice