Remaking Prudential Standard APS 910 Financial Claims Scheme

TO: ALL LOCALLY-INCORPORATED AUTHORISED DEPOSIT-TAKING INSTITUTIONS

On 26 July 2023, APRA commenced a short consultation on a proposal to remake Prudential Standard APS 910 Financial Claims Scheme (APS 910), with minor administrative updates. APRA is now finalising this consultation, and will remake APS 910 as proposed. 

APS 910 forms a key component of APRA’s crisis management framework. It requires locally-incorporated authorised deposit-taking institutions to be operationally ready for the activation of the Financial Claims Scheme (FCS), Australia’s deposit insurance scheme. This scheme provides insurance protection for deposits if needed in a crisis.¹  

Consultation feedback

APRA received four submissions during the consultation. Respondents were supportive of APRA’s proposed approach to remake APS 910. Non-confidential submissions have been made public on APRA’s website.

Some submissions provided broader feedback on the standard, which APRA will consider when it undertakes a comprehensive review of APS 910 in due course.   

Next steps

APRA will now remake APS 910 as proposed. The updated standard will come into effect on 1 October 2023.

Yours sincerely,

Clare Gibney

Executive Director, Policy & Advice Division

APRA

Footnote

¹ Further information on the scheme can be found at Financial Claims Scheme.