APRA Financial Claims Scheme finalised

The Australian Prudential Regulation Authority (APRA) has released the final version of Prudential Standard APS 910 Financial Claims Scheme for local ADIs( APS 910).

The Financial Claims Scheme, established in October 2008, is designed to protect depositors (up to a defined amount of $250,000 per account holder per ADI) and to provide them with timely access to their deposits in the event that their ADI becomes insolvent and is declared by the Treasurer to be subject to the FCS.

Under APS 910, ADIs are required to be operationally ready to meet payment, reporting and communications requirements should they be declared under the FCS. There are also requirements under APS 910 for ADIs to be able to produce a ‘single customer view’ to generate the aggregate balance of all protected accounts held by an account-holder within 48 hours to facilitate fast payment under the FCS.

The payment, reporting and communications requirements under APS 910 will take effect from 1 July 2013 and ADIs have 12 months to comply with the new requirements. The commencement date for existing FCS requirements relating to the single customer view is 1 January 2014.

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