Financial Claims Scheme (FCS)
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.
Authorised deposit-taking institutions (ADIs)
For banks, building societies and credit unions incorporated in Australia, the FCS provides protection to depositors of up to $250,000 per account-holder per ADI. The Scheme seeks to provide depositors with timely access to their protected deposits in the unlikely event of the failure of their ADI.
- Email fcs [at] apra.gov.au for RBA FCS specifications for payment file format (only available to locally incorporated ADIs)
Information paper and technical FAQs
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.