The Australian Prudential Regulation Authority (APRA) has released a response paper on the Financial Claims Scheme (FCS) for locally incorporated authorised deposit taking institutions (ADI’s), as well as the final version of Prudential Standard APS 910 Financial Claims Scheme (APS 910).

The Financial Claims Scheme is designed to protect depositors up to an amount of $250,000. The APS 910 requires ADIs to be operationally ready to meet payment, reporting and communications requirements should they be declared insolvent under the Financial Claims Scheme. Key requirements include identifying unique account-holders and implementing Single Customer View, generating and providing reports to APRA and account-holders, and meeting audit requirements.