![]() The information on this page is not intended to be the only source of information when checking whether your accounts are covered under the FCS. It is important for customers to check the terms and conditions of their specific product to determine if it is protected under the FCS. A Restricted ADI is authorised by APRA to conduct banking business in Australia for a limited period with products that are not available to the general public and subject to specific requirements and restrictions, including the amounts of deposits that can be taken. The FCS also applies to protected accounts which a Restricted ADI may offer (denoted below with an asterisk*). ![]() When determining whether the total value of all your protected accounts with an ADI is below the $250,000 limit, it is important to include any accounts that you hold which have been marketed by the ADI under a different name. Again, provided the protected account is actually with the ADI (in these examples, Bank of Queensland or National Australia Bank), it will be covered by the FCS.ĪPRA strongly recommends that you check the terms and conditions of your specific product and contact your ADI directly if you have any questions about whether particular accounts are covered under the FCS. Bank of Queensland offering accounts under the “Virgin Money Australia” name, or National Australia Bank offering accounts under the “Citi” name). ADIs offering accounts branded or marketed under the name of a third party, (e.g.Provided the protected account is with the ADI (in this example, Westpac), it will be covered by the FCS. ADIs offering accounts under the name of a different company (that is not an ADI) - such as a subsidiary of the ADI (e.g.Different ADI trading names are listed below under the relevant ADI. BankWest being another trading name for the Commonwealth Bank of Australia). ADIs offering protected accounts under one or more trading names, which are covered by the FCS (e.g.Typically, accounts are offered under the name of the ADI itself, however some ADIs also offer accounts marketed under a different name in a variety of ways. Click here to find out more about which types of accounts are protected under the FCS. The FCS protects money held by an account-holder with an ADI, whether in one or more protected accounts, up to a total value of $250,000. The authorised deposit-taking institutions (ADIs) listed at the bottom of this page are all covered under the Financial Claims Scheme (the FCS). Australian Government deposit guarantee scheme seal.Financial Claims Scheme frequently asked questions.Deposit checker - Are your deposits protected?.Different banking businesses under one banking licence.List of authorised deposit-taking institutions covered.Banks, building societies and credit unions.Open/Close Menu Financial Claims Scheme.Questions about general, life and private health insurers.Questions about authorised deposit-taking institutions.APRA Explains - the Financial Claims Scheme.APRA’s place in the wider regulatory environment.Memoranda of understanding and letters of arrangement.Governance and Senior Executive Accountabilities.Open/Close Menu Accountability and reporting.Open/Close Menu Grants and scholarships.Industry supervision - frequently asked questions.APRA's licensing process - frequently asked questions.Open/Close Menu APRA's licensing process.Life insurance companies and friendly societies.Open/Close Menu Superannuation Data Transformation project.APRA Connect information security and technical specifications.Economic and financial statistics - frequently asked questions.Licensing non-operating holding companies.Reporting for registered financial corporations.Register of non-operating holding companies.List of registered financial corporations.Registered financial corporations standards and guidance.Non-regulated entities reporting to APRA.Open/Close Menu Non regulated industries.Cross-agency process for retirement income stream products.Licensing guidelines and forms for superannuation.The Annual Superannuation Performance Test.Register of superannuation institutions. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |