Financial Claims Scheme

The Financial Claims Scheme (FCS) is an Australian Government scheme that provides protection to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fails. The FCS has also been referred to as the Australian Government deposit guarantee.

Under the FCS, eligible deposits are protected up to a limit of $250,000 for each account holder at each bank, building society or credit union incorporated in Australia and licensed by the Australian Prudential Regulation Authority (APRA).

The FCS can only come into effect if it is activated by the Australian Government when an institution fails. Once activated, the FCS will be administered by APRA.

The objectives of the FCS are to:

  • Protect depositors of banks, building societies and credit unions incorporated in Australia from potential loss due to the failure of these institutions
  • Provide depositors with prompt access to their deposits that are protected under the FCS
  • Support the stability of the Australian financial system.

The following frequently asked questions relate to the Financial Claims Scheme for banks, building societies and credit unions.

For further information about the Scheme: visit APRA’s Financial Claims Scheme website Here or contact APRA by phone on 1300 55 88 49.

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