Broker Business Issue #4, December 2022December 16, 2022
Broker Business Issue #1, February 2023February 12, 2023
Today I would like to share with you important news regarding another commitment Unimutual has made as we continue to hold ourselves to the highest standard for you, our Members.
The Business Council of Cooperatives and Mutuals (BCCM) has unveiled the first industry Principles, Code of Conduct and Good Practices, to govern the use of Australian Discretionary Mutual Funds (DMFs), amid renewed interest in risk protection alternatives to traditional insurance products.
As you know, mutuals are Member-owned and exist solely for their benefit. In a DMF arrangement, mutuals, such as ourselves, operate to provide financial protection for the consequences of a broad spectrum of property loss or damage and third-party liabilities.
I am pleased to advise, Unimutual has joined as a foundation signatory to this document. This means that we will continue to meet the minimum standards that DMFs aim to achieve at all times, in the provision of discretionary protection and related matters.
Signatories to the new governing document for DMFs make a voluntary commitment to:
- Eight principles adapted from the international co-operative principles for the specific operating context of a DMF, including Member Ownership and Control; and
- 20 behaviours contained in the Code of Conduct, including always putting Members first.
Signatories to the document also seek to observe 42 good practices in relation to structure, board, management, audit and risk, finance and compliance that underpin the operation of sustainable, Member-focused DMFs, as well as a willingness to work with peers to continuously improve standards in the industry.
This commitment aligns with our Operating Principles:
- Members first – we make Members’ interests our priority
- Agility – we’re constantly challenging the status quo and embracing innovation
- Precision – we consistently excel in everything we do
We are firmly focused on our core purpose – to serve our Members through risk protection and prevention – and look forward to continuing to do so at the highest standard.
If you would like to learn more about our commitment, please contact the Member Services Team at: firstname.lastname@example.org or visit https://bccm.coop/bccm-releases-new-code-of-conduct-for-discretionary-mutuals/ for more information.
Chief Executive Officer