APRA finalises updated Financial Claims Scheme standard
The Australian Prudential Regulation Authority (APRA) has finalised minor administrative updates to Prudential Standard APS 910 Financial Claims Scheme (APS 910), following a short consultation. APS 910 forms a key component of APRA’s crisis management framework and the remade standard will come into effect on 1 October 2023.
The response letter, updated prudential standard and non-confidential submissions are available on the APRA website at: Remake of Prudential Standard APS 910 Financial Claims Scheme.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.