• Contact
  • Feedback
Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • Resources
    • Industry events
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

Super products may be covered by the FCS

15 November 2013 5:19PM
Superannuation products may be covered by the Financial Claims Scheme. The Australian Prudential Regulation Authority issued technical guidance to authorised deposit-taking institutions this week, in which it said that if a product used for superannuation purposes satisfies the definition of a protected account it will be covered by the FCS.The FCS was introduced as a temporary measure in 2008 to provide a guarantee on deposits. It was made permanent in November 2011, providing deposit protection of A$250,000 per person, per institution.It covers accounts held in locally incorporated ADIs.APRA said: "The definition of a protected account… focuses on the nature of the account, not its purpose - that is, the definition does not depend on what the account is used for, provided it has the legal features of a protected account."Retirement savings accounts are explicitly covered, along with farm management deposits and first-home saver accounts.APRA's view is that products such as negotiable certificates of deposit and bank bills would not ordinarily fit the definition of a protected account and would not be covered by the FCS. "Advice may be required from your legal advisers," the regulator said.

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use