BCCM launches code of conduct for DMFs

BCCM launches code of conduct for DMFs

As a response to the request of the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), the BCCM launched a guide on principles, code of conduct, and good practices for DMFs.

“As insurance markets harden, an increasing number of sectors across the economy are being impacted by a lack of access to appropriate risk protection,” said BCCM CEO Melina Morrison. “DMFs offer an alternative, providing financial protection in the event of a broad range of property loss or damage and third-party liabilities.”

Commenting on the code of conduct’s launch, Unimutual CEO Geoff Henderson said: “The document is a valuable educative resource for all stakeholders with an interest in this model including policymakers, regulators, industry associations, businesses, advisors, and mutual managers, as well as the wider community.”

Andrew Armitstead, CEO of local government provider CivicRisk Mutual, added that co-operatives and mutuals are focused on the long term: “They are not a short-term solution and are more likely to endure through difficult financial times. These guiding principles and code of practice will further underpin that essential ethos.”

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.

They also seek to observe 42 good practices covering structure, board, management, audit and risk, finance, and compliance that underpin the operation of sustainable, member-focused DMFs.

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