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Financial Claims Scheme

Financial Claims Scheme logo
Financial Claims Scheme website

The Financial Claims Scheme (FCS) is an Australian Government initiative that protects 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. If the FCS is activated by the Australian Government, APRA will be responsible for administering it.

Detailed information on the FCS can be accessed at: www.fcs.gov.au.

General insurers

For general insurers, the scheme provides compensation to eligible policyholders with valid claims against a failed general insurer. Under the FCS, most policyholders with the affected general insurer are covered for valid claims up to $5,000. For any valid claims greater than $5,000, the policyholder or claimant must be eligible under certain criteria.