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.
- 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.