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What is the Financial Claims Scheme?

The Financial Claims Scheme (FCS) was developed by the Australian Government in 2008 to provide protection to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fails.
The objectives of the Financial Claims Scheme are to:

  • protect depositors of banks, building societies and credit unions incorporated in Australia from potential loss due to the failure of these institutions
  • provide depositors with prompt access to their deposits that are protected under the FCS
  • support the stability of the Australian financial system

The FCS can only come into effect if it is activated by the Australian Government when an institution fails. Once activated, the FCS will be administered by the Australian Prudential Regulation Authority (APRA). APRA is a member of the International Association of Deposit Insurers, a global forum for deposit insurers to share knowledge and expertise.
Under the Financial Claims Scheme, deposits are protected up to a limit of $250,000 for each account holder at each bank, building society and credit union in Australia and authorised by APRA. SWSCU is one of these institutions. If the FCS is activated by the Australian Government following the failure of a banking institution, APRA will endeavour to pay most account holders, or enable them to access, their FCS payments within seven calendar days.

How is the FCS limit applied?

The FCS limit of $250,000 applies to the sum of an account holder's deposits under the one banking licence. Therefore, all deposits held by an account holder with a single banking institution must be added together towards the $250,000 FCS limit, and this includes accounts with any other banking businesses that the licenced banking institution may operate under a different trading name.
To find out more, including the types of accounts that are protected under the FCS, how joint accounts are treated, and what happens when a bank, building society or credit union operates other banking businesses, visit the Financial Claims Scheme website




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