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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 APRA.

In an FCS scenario, APRA would aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days.

How is the FCS applied?

The FCS limit of $250,000 applies to the sum of an account holder's deposits under the one banking license. 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 licensed banking institution may operate under a different trading name. 

P&N Bank and BCU Bank are both divisions of Police & Nurses Limited. Therefore, the $250,000 limit will apply to the aggregate balance of any eligible accounts held across the banking businesses run by those divisions.

Information on the Financial Claims Scheme is available on the FCS website