APRA monitors in1Bank return of deposits
The Australian Prudential Regulation Authority (APRA) notes today’s announcement by in1Bank Limited (in1Bank) that it intends to return all funds to depositors and relinquish its licence to operate as an authorised deposit-taking institution (ADI).
The decision to relinquish its ADI licence has been taken by in1Bank.
APRA will monitor the return of all deposits to in1Bank depositors in an orderly and timely manner. During the return of deposit process, in1Bank’s depositors remain protected by the Financial Claims Scheme (FCS).
Customers with questions about deposits or accounts should contact in1Bank directly.
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Contact APRA Media Unit, on +61 2 9210 3636
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For more information contact APRA on 1300 558 849.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $9.8 trillion in assets for Australian depositors, policyholders and superannuation fund members.