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APRA guidelines for Single Customer View

 

APRA has released the final version of the government guarantee on deposits, the so-called Financial Claims Scheme (APS210).

It has also published a 'Response to Submissions', which clarifies its thoughts on various comments and objections raised.

The payment, reporting and communications requirements will take effect from 1 July 2013 and ADIs have 12 months to comply with the new requirements. The commencement date for existing FCS requirements relating to the single customer view remains 1 January 2014.

The main requirement is that ADIs give a Single Customer View, to ensure that any depositor is only entitled to one $250,000 limit.

http://www.apra.gov.au/sites/default/files/Response-to-Submissions-FCS-for-ADIs-Proposed-requirements-for-payment-reporting-and-communications-June-2013.pdf


 

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