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 fails.
Under the FCS, 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 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).
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 FCS limit of $250,000 applies to the sum of an account holder’s deposits under the one banking license.
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.
For the purpose of determining the FCS limit, Avenue Bank is a single banking institution and operates no other licenced banking businesses under a different trading name.
Where can I get further information on the FCS?
Information on the FCS is available on the FCS website – www.fcs.gov.au.
Avenue Bank Ltd ACN 628 073 085, AFSL 520239, is authorised by the Australian Prudential Regulation Authority (APRA) to operate under a Restricted Authorised Deposit-taking Institution licence until 7 March, 2024. Under this restricted licence we are not required to meet the full ADI prudential framework and we will not be offering banking products to the general public. Further information regarding Avenue's restricted Banking Authority is available at www.avenuebank.com.au/radi. Further information on the Financial Claims Scheme is available at www.avenuebank.com.au/fcs.
Avenue Bank acknowledges and pays respect to the past, present and future Traditional Custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander peoples.