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Financial Claims Scheme

What is the Financial Claims Scheme?

The Financial Claims Scheme (FCS) is an Australian Government scheme that provides protection and quick access to deposits in banks, building societies and credit unions in the unlikely event that one of these financial institutions fail.

Under the scheme, certain deposits are protected up to a limit of $250,000 for each account holder at any bank, building society, credit union or other authorised deposit-taking institution (ADI) that is incorporated in Australia and authorised by the Australian Prudential Regulation Authority (APRA).

The scheme 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 APRA.

The objectives of the Financial Claims Scheme are to:

  • Protect depositors of banks 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; and
  • Support the stability of the Australian financial system.

In an FCS scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days.

How is the FCS limit applied?

The scheme 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 scheme limit.

Where can I get more information?

More information about the scheme can be obtained from the APRA website and the APRA hotline on 1300 558 849. You can also access the FCS Banking frequently asked questions from the APRA website.

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