About the COBCOP Review

The Customer Owned Banking Code of Practice (‘COBCOP’) is the Customer Owned Banking Association’s (‘COBA’) cornerstone statement of its members (Australia’s credit unions, mutual banks and building societies) obligations to customers on principles of conduct and standards of practice for their banking services.  The COBCOP applies to personal and small business bank customers.

The COBCOP requires COBA to undertake regular independent reviews. The COBCOP was last reviewed in January 2014 and – consistent with the five yearly review requirement – this 2019 review is now due. COBA have issued a press release explaining more detail about the background to the review. You can download it by clicking here.

Terms of Reference

COBA have issued Terms of Reference for the review of the COBCOP. These terms outline the review objectives, scope, consultation requirements and timetable. You can download the Terms of Reference in full by clicking here.

About the Independent Reviewer

Phil Khoury is the principal of cameron. ralph. khoury.  He is a former financial services regulator (ex-ASIC) and for the past 19 years, has been a consultant working in governance effectiveness and in regulatory and self-regulatory advice.  Phil has conducted numerous independent reviews of external disputes resolutions services, voluntary codes of conduct and disciplinary bodies including in the financial sector, in telecommunications, energy and water and in international aid.  In 2017 Phil completed a review of the Code of Banking Practice for the Australian Bankers’ Association.


The review team will include senior consultants Debra Russell and Angus Wilson from cameron. ralph. khoury. – both highly experienced in financial sector regulation.