The purpose of the Financial Claims Scheme (FCS) is to protect depositors of authorised deposit-taking institutions (banks, building societies and credit unions) and policyholders of general insurance companies from potential loss due to the failure of these institutions. APRA is responsible for the administration of the Financial Claims Scheme.
For ADIs, the scheme provides protection to depositors up to the limit of the scheme ($250,000 per account-holder per ADI) and seeks to provide depositors with timely access to their deposits in the unlikely event of the failure of their ADI.
An Australian Government guaranteed deposits seal has been developed. ADIs can choose to display this seal to help customers easily understand that their deposits are protected under the FCS. If your financial institution chooses not to display the seal, that doesn’t mean your account is not guaranteed. To view the seal and to find out more visit ASIC’s MoneySmart website.
Please see the fact sheet below for more information about the deposit guarantee for ADIs.
For general insurers, the scheme provides compensation to eligible policyholders with valid claims against a failed general insurer.
Please see the fact sheet below for more information about the Financial Claims Scheme for general insurers.
FCS technical FAQs for ADIs (pdf)
FCS technical FAQs for ADIs (html)