Australia

Details

  • Service: Topics, Financial Services Regulation
  • Industry: Financial Services, Banking
  • Type: Regulatory update
  • Date: 9/10/2013

Australian Mutuals – Key developments and updates series

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 implementation guidance 

Following the release of the final version of Prudential Standard APS 910 Financial Claims Scheme (the FCS) in June 2013, APRA has further released an Information Paper (Financial Claims Scheme for authorised deposit-taking institutions), which provides guidance on APS910.

This KPMG update provides a summary of implementation guidance on APS 910 in three key areas:

 

  • implementing the single customer view (SCV)
  • pre-positioning for calculation and payment of FCS balances by electronic funds transfer (EFT) and cheque, and
  • pre-positioning for the fields contained in the approved forms for FCS payments and reports.
 

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