Financial Claims Scheme preparation

APRA has published a discussion paper and draft changes to APS 910 Financial Claims Scheme setting out proposals that ADIs be required to implement the systems needed to ensure that they can:
• generate and transmit payment instructions to a paying agent appointed by APRA;
• generate and disseminate APRA reports to account-holders and other parties in respect of FCS payments;
• facilitate communications with stakeholders; and
• comply with testing, audit and CEO attestation requirements.

Under transition arrangements in APS 910, ADIs are required to comply with the Single Customer View (SCV) requirements by 1 January 2014. ADIs with difficulties in meeting the requirements by that date may seek APRA approval for an extended transition period of up to a further two years.

Under the amended APS 910, it is proposed that ADIs will be required to implement the prepositioning requirements for payment instructions, reporting and communications by 1 July 2014. This proposed timing is based on an assumption, at this stage, that the finalised version of the amended standard will be issued by 1 July 2013. An extended transition period to meet these requirements, up to 1 January 2016, may be approved by APRA on a case-by-case basis.

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