APRA Releases New Prudential Standard For Financial Claims Scheme

The Australian Prudential Regulation Authority (“APRA”) has released “Prudential Standard “APS 910 Financial Claims Scheme” that implements some of the operational requirements of the Financial Claims Scheme (“FCS”) for authorised deposit-taking institutions (“ADI”). These include: (i) ADIs will need to identify each unique account-holder; (ii) ADIs will need to be able to produce a ‘Single Customer View’ (“SCV”) that aggregates the protected accounts held by each account-holder; and (iii) SCV data will be subject to annual reviews by an ADI’s external auditor, as well as attestation by the ADI’s chief executive officer.

Originally Published: 
22/12/2011