We are committed to conducting business in a way that treats our customers fairly
This is called the fair conduct principle. You can find more detail below on how we work to achieve this below and you can also download a copy here.
Our Fair Conduct Programme
The Co-operative’s Fair Conduct Programme (FCP) outlines the policies, processes, systems and controls that support us to deliver the fair conduct principle.
Our FCP applies to both The Co-operative Bank Limited (the Bank) and Co-operative Life Limited (Co-op Life). While each entity operates under a separate financial institution (FI) conduct licence, our FCP is over-arching, covering the practices and businesses of both the Bank and Co-op Life. Where we refer to “The Co-operative” this includes both the Bank and Co-operative Life.
Key aspects of our FCP include:
- Identifying, monitoring and managing fair treatment
We regularly monitor, manage and report on the fair treatment of our customers and we encourage a culture of proactive risk management. Our compliance and risk management programme, which sits under our enterprise risk management framework, monitors and reports on the performance of the FCP. This includes processes to identify potential issues, take action to fix these, and continuously review the way we do things.
- Governance and Oversight of our FCP
The Boards of Directors for the Bank and Co-op Life, along with the Senior Leadership Team, are responsible for oversight of our FCP. We also hold regular internal business forums where conduct risks and opportunities for improvement are discussed and potential actions or responses considered.
We regularly review our FCP so that it can continue to effectively support the fair treatment of our customers.
The fair conduct principle is made up of five key components. Read more below about how we support delivering each of these at The Co-operative.
- Complaints and feedback
We may not always get things right the first time, so we’d love to hear where we can improve. We strive for our customers to have access to transparent, responsive, and fair processes for providing feedback and resolving complaints. If you are a customer and have a complaint about our products or the service we have provided, you can find our complaints process here.
Our Fair conduct principles and approach
Acting ethically, transparently, and in good faith
Acting fairly has long been a core value for The Co‑operative and our organisational purpose and values guide how we engage with our customers, particularly as owners of the bank.
When dealing with customers, we do so in accordance with our Code of Conduct and Ethics and the NZ Banking Association Code of Banking Practice.
Appropriately considering customer interests
Our purpose is to grow together and share the gains and we are committed to supporting more New Zealanders to reach their financial goals.
We have processes in place to consider the interests of customers when designing, distributing and servicing our products, and we regularly monitor whether we are meeting customer expectations.
Providing products that meet customer needs
The Co‑operative offers a range of products including home and personal loans, credit cards, transactional and savings accounts and life insurance products. We help facilitate payments domestically and internationally.
We also partner with Fisher Funds and IAG to distribute KiwiSaver and a range of general insurance products.
Our product management principles help ensure products meet customer needs. These apply throughout the product lifecycle. We design our products with the customer in mind and have product governance and regular review processes in place to identify ongoing opportunities to improve outcomes for our customers.
Not pressuring customers into making decisions
We hold our staff to a high standard of conduct. Underpinned by our Code of Conduct and Ethics, we train, develop and oversee staff to equip them with the right skills to support our customers and treat them fairly. We also communicate this expectation to third party intermediaries and can monitor that they meet this expectation.
Helping customers to make informed decisions
To meet the diverse needs of our customers, we offer products through a variety of in-person and digitally supported channels, including our branch network, contact centre and online banking. We offer both financial advice and information only services.
Some products are distributed through trusted third-party intermediaries who offer specialised support and guidance.
We are committed to providing customers with communications that are timely, clear, concise and effective. This is supported by our servicing and business operations teams who aim to provide customers with timely, transparent, and helpful support.
Our distribution and servicing channels are reviewed on a regular basis to support our commitment to the fair treatment of customers.