Financial Claims Scheme

Police Credit Union is regulated in the same way as the major banks and other Authorised Deposit Taking Institutions (ADIs). All ADIs must meet the same legally enforceable standards under the Banking Act within the jurisdiction of the Australian Prudential Regulation Authority (APRA), including strict rules around depositor protections and capital adequacy.

Our Members’ deposits are backed by the Australian Government under the Financial Claims Scheme (FCS) for deposits up to $250,000.

We continue to maintain strong corporate governance principles underpinned by positive ethics, values and behaviours, achieve industry leading financial performance outcomes, maintain strong levels of capital and meet and exceed the expectations of regulators. Find out more about corporate governance.

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 that is incorporated in Australia and authorised by the Australian Prudential Regulation Authority

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.

This scheme is also referred to as the Government Deposit Guarantee.

The FCS limit of $250,000 applies to the sum of an account holder’s deposits under the one banking licence.

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.