The Financial Claims Scheme (FCS) was established to protect depositors of Authorised Deposit-taking Institutions (banks, building societies and credit unions) from potential loss in the event that an institution fails or becomes insolvent.
The scheme provides protection to depositors up to $250,000 per account holder per Authorised Deposit-taking Institution, as well as seeks to provide access to these deposits in a timely manner.
The scheme is administered by the Australian Prudential Regulatory Authority (APRA). Further information in relation to the scheme can be obtained from the Financial Claims Scheme website.