Frequently asked questions about coverage of the Financial Claims Scheme
The following frequently asked questions relate to the coverage of the Financial Claims Scheme (FCS).
Is my bank, building society, credit union or general insurer covered by the FCS?
The FCS covers all banks, building societies and credit unions (also known as authorised deposit-taking institutions, or ADIs) that are incorporated in Australia, as well as all APRA-regulated general insurers.
- All ADIs covered by the FCS are listed here.
- All general insurers covered by the FCS are listed here.
Please note that the FCS does not cover life insurance companies or private health insurers.
How much protection does the FCS provide?
For banks, building societies and credit unions (also known as authorised deposit-taking institutions, or ADIs), the FCS provides protection for deposits up to $250,000 per account holder per ADI. An account holder can be an individual, but it can also be an entity such as a company, a trust or a self-managed superannuation fund. If you’re not sure whether your account is covered, visit our Deposit Checker or contact your bank, building society or credit union directly.
For general insurers, most claims by policyholders and other claimants are covered up to $5,000. Claims over $5,000 are also covered for eligible policyholders and certain third parties. In most cases, a claim can only be made against a failed insurer under the FCS if the insurance policy is issued by that insurer. Further information on coverage and exclusions can be found here.
How is the FCS entitlement calculated?
Your FCS entitlement is based on the sum of all your deposits with your bank, building society or credit union at the time the FCS is declared, subject to the $250,000 limit. Where your deposit account balance is positive at the time of FCS declaration, the FCS entitlement will be adjusted to include interest up to the time of declaration, and adjusted to deduct applicable bank fees and charges, as well as any relevant tax (e.g. withholding tax).