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Compliance / SAM Network
Changes to the SAM Network Executive Group
by VIcki Hoare / SAM Network
22 MAR 2019

We are pleased to announce that Liam Tiernan, Dnister Ukrainian Credit Co-Operative Limited has been appointed to the role of Chair of the SAM Network Executive Group.   Leanne Harris from Laboritories Credit Union has taken on the newly created position of Deputy Chair.

Leanne has also taken on the position of Chair of Shared Services Ltd.

We would like to than our past Chair, Peter Vecoli.  Peter has been a great supporter of the Network and we are grateful for his contribution.  

New SAM Network Web Page
by Vicki Hoare / SAM Network
03 SEP 2018

Welcome to our refreshed web page.  We have kept all the good things that Shared Services provides and added lots of information about the SAM Network.  We look forward to this becoming your go-to place for SAM Network information.

The web site contains information on supplier offers both via Shared Services and direct offers.  We will also keep you updated with upcoming events and industry information.

The old address still exists and will redirect to the new URL.

Unregulated Loan Contracts
by Vicki Hoare / Compliance
02 SEP 2018

SAM Members have been advised by GRC Solutions that the Unregulated Loans Contract no longer meets ASIC's Expectations on unfair contract terms and the document will be removed from their Standard Documents package.

We would like some feedback from our members on:

  • Does the removal of this contract impact your business?
  • If so, have you already sought legal assistance in drafting a new contract?
  • Can you recommend a legal provider who has assisted you with this?
  • Would you be interested in the SAM Network obtaining an updated contract template to be made available to members on a shared cost recovery basis?   

I'm keen to hear your thought on this.

SAM Executive Group - Vacancy
by Vicki Hoare / SAM Network
29 AUG 2018

Currently we have a vacant position on the SAM Executive Group and we are calling for Expressions of Interest from members to fill this position.

The SAM Executive Group meet one a month via teleconference to discuss the operations of the SAM Network and industry issues.  The Group also hold strategy sessions and may occasionally hold ad-hoc meetings if required.

Members of the SAM Executive Group may also be Directors of Shared Services Ltd with their Credit Unions as shareholders of the company. 

 If you are interested in joining the SAM Executive Group, please contact us on 

New Chair for the SAM Executive Group
by Vicki Hoare / SAM Network
01 AUG 2018

We are pleased to announce that Peter Vecoli (FCCS) had been appointed to the role of Chair of the SAM Network Executive Group.  Peter had been a member of the Executive Group for many years and a strong advocate for smaller customer owned banking organisations.  

Peter is also the Chair of Shared Services Ltd and his appointment will continue the alignment of the two organisations to work for the benefit of small mutuals.

The BEAR is coming.
by Vicki Hoare / Compliance
12 JUL 2018

The Bank Executive Accounting Regime (BEAR) commenced on the 1st July for large ADIs.  Small Customer Owned ADIs have until the 1 July 2019 before they need to implement the new regime. 

BEAR will introduce new obligations for employees and board members and the fines for non-compliance are substantial.  A small Credit Union could potentially be facing fines in excess of $10 million. Given this, BEAR is something that we need to pay attention to.

There are four main obligations that small mutuals need to comply with:

  1. Accountability of the ADI and of accountable persons.
  2. Identifying Key Personnel and the areas of the organisation that they are accountable for.
  3. Deferral of a portion of variable remuneration
  4. Notification when there are any changes of Key Personnel or a breach of the regulations.

Representatives from COBA meet regularly with APRA and they have advised that they will be seeking feedback from APRA on how the implementation with the large ADIs is progressing and if there are any lessons that can be passed to the smaller organisations.  APRA will also be providing further guidance on their expectations for small ADIs later this year.


The SAM Network will be looking to provide assistance to it's member organisations via Shared Services as they prepare for the Bank Executive Accounting Regime.  We expect there will be a need for new policy and procedures and we believe we will be able to assist by engaging a legal firm to prepare a guide and, if required, policy and procedure templates.




Thomas Lefebvre