Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards, Accounting Advisory Services, International Financial Reporting Standards (IFRS), Topics, Financial Services Regulation
  • Industry: Financial Services, Banking
  • Type: Regulatory update
  • Date: 12/07/2013

Australian Mutuals – Key developments and updates

This series of KPMG publications cover proposed or new prudential reporting changes affecting the Australian Mutuals sector.

Peter Russell

Peter Russell

Partner, National Head of Mutuals

parussell@kpmg.com.au

+61 2 9335 7731

Mutuals: APS 910 Financial Claims Scheme: Summary of key requirements 

In June, APRA released the final version of Prudential Standard APS 910 Financial Claims Scheme (the FCS) for locally incorporated authorised deposit-taking institutions (ADIs) which came into effect from 1 July 2013.

The FCS is designed to protect depositors (up to a defined amount of $250,000 per account holder per ADI) and provide them with timely access to their deposits in the event their ADI becomes insolvent and is declared by the Treasurer to be subject to the FCS.

 

Key requirements

  • An ADI is required to develop and implement a Single Customer Review (SCV) by 1 January 2014.
  • An ADI is required to comply with the payment, reporting and communications requirements by 1 July 2014.
  • APRA may grant an extended transition period to an ADI where APRA is satisfied that this is necessary. The maximum transition period is to 31 December 2015.
  • ADIs seeking extended transition periods must formally apply to APRA by 30 September 2013 for SCV requirements and by 31 March 2014 for the payment, reporting and communication requirements.
  • The capabilities required by APS 910 are subject to annual attestation by the Chief Executive Officer and must be provided within three months of the ADI’s annual balance date.
 

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