Savings Accounts Target Market Determination
Term Deposit Target Market Determination
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2023 March Capital Adequacy & Credit Risk
2022 December Regulatory Capital Disclosures
2022 September Capital Adequacy & Credit Risk
2022 June Regulatory Capital Disclosures
2022 June Annual Capital disclosures
APS 330 Remuneration Disclosures
2022 March Capital Adequacy & Credit Risk
2021 December Regulatory Capital Disclosures
2021 September Capital Adequacy & Credit Risk
2021 June Remuneration Disclosures
2021 June Regulatory Capital Disclosures
2021 March Capital Adequacy & Credit Risk
2020 December Capital Adequacy & Credit Risk
What is the Financial Claims Scheme?
The Financial Claims Scheme (FCS) is an Australian Government scheme that provides protection and quick access to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fails.
Under the FCS, certain deposits are protected up to a limit of $250,000 for each account holder at any bank, building society, credit union or other authorised deposit-taking institution (ADI) that is incorporated in Australia and authorised by the Australian Prudential Regulation Authority (APRA).
The FCS can only come into effect if it is activated by the Australian Government when an institution fails. Once activated, the FCS will be administered by the Australian Prudential Regulation Authority (APRA).
In an FCS scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days.
How is the FCS limit applied?
The FCS limit of $250,000 applies to the sum of an account holder's deposits under the one banking license.
Therefore, all deposits held by an account holder with a single banking institution must be added together towards the $250,000 FCS limit, and this includes accounts with any other banking businesses that the licenced banking institution may operate under a different trading name.
Where can I get further information on the FCS?
Information on the FCS is available on the FCS website – www.fcs.gov.au.