What is the Financial Claims Scheme?
Overview of the FCS
The Financial Claims Scheme (FCS) is an Australian Government scheme that provides protection and access to deposits in banks, building societies, and credit unions in the unlikely event that one of these financial institutions fails.
The FCS protects business deposits up to AU$250,000 per account holder, per Australian authorised deposit-taking institution (ADI), such as banks and credit unions. It is administered by the Australian Prudential Regulation Authority (APRA).
When does the FCS come into effect?
The FCS can only come into effect if it has been 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 7 calendar days.
Where can I get further information on the FCS?
Information on the FCS is available on the FCS website.