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Consultation on remaking Prudential Standard APS 910 Financial Claims Scheme

This image shows APRA's contact details: AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY - 1 Martin Place (Level 12), Sydney, NSW 2000 - GPO Box 9836, Sydney, NSW 2001. Telephone: 02 9210 3000, Website: Australian coat of arms - APRA

APRA has today commenced a short consultation on remaking Prudential Standard APS 910 Financial Claims Scheme (APS 910). APS 910 is due to sunset on 1 October 2023, and APRA is consulting on the proposal to remake it with minor updates.

APRA’s prudential standard for the Financial Claims Scheme (APS 910)


APS 910 forms a key pillar of APRA’s crisis management framework. The standard requires locally-incorporated authorised deposit-taking institutions (ADIs) to be pre-positioned for the Financial Claims Scheme (FCS). As demonstrated by international events earlier this year, effective crisis preparedness is a critical attribute of a safe and stable financial system and one which cannot be understated.

APRA proposes to leave APS 910 unchanged at this stage, other than for minor updates to ancillary provisions.1 This approach will ensure that APS 910 continues to apply to ADIs, supporting crisis preparedness. APRA plans to commence a comprehensive review of APS 910 at a later date, so as to consider lessons learned from recent international events.

The Financial Claims Scheme


The FCS is an Australian Government scheme to provide financial protection in the unlikely event of a failure of a bank, credit union, building society or general insurer.

The FCS provides protection for depositors of locally-incorporated ADIs, for deposits up to $250,000 per account holder per ADI. The scheme aims to return deposits to account holders within seven days of activation of the FCS.

Next steps


APRA welcomes feedback by 23 August 2023 on the proposed approach to remaking APS 910. Submissions should be emailed to and addressed to: General Manager, Policy.

Yours sincerely,


Clare Gibney

Executive Director, Policy & Advice 



1 This includes removing paragraphs 36 to 42 of APS 910 that are no longer relevant. These paragraphs provided ADIs with transitional arrangements for certain requirements in the first few years after APS 910 came into effect on 1 July 2013. Updates will also be made to the ‘adjustment and exclusions’ provision to align with current practice.


2023, Consultation