At Auswide Bank, we’re committed to offering you safe and secure investment opportunities. Not only has Auswide Bank been around for over 50 years, as a publicly listed bank we are required to meet specific quality standards, while at the same time receiving the support and guidance of various bodies that monitor these standards. All of this helps to ensure your hard-earned savings are protected. This support includes:
The Financial Claims Scheme (FCS) is an Australian Government scheme that provides protection and quick access to deposits in the unlikely event that a financial institution fails. The Scheme is also referred to as the Australian Government guarantee on deposits.
Under the FCS, certain deposits are protected up to a limit of $250,000 for each account holder at any bank, building society, credit union or other authorised deposit-taking institution (ADI) that is incorporated in Australia and authorised by the Australian Prudential Regulation Authority (APRA). Auswide Bank Ltd ABN 40 087652 060 (Australian Financial Services Licence 239686) is an ADI authorised by APRA.
We provide a full list of Auswide Bank accounts covered by the Financial Claims Scheme.
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, with the aim to pay the majority of customers their protected deposits under the Scheme within seven calendar days.
The FCS limit of $250,000 applies to the sum of an account holder's deposits under the one banking license. 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. Auswide Bank is a single banking institution and operates no other licensed banking institutions under a different trading name.
For more information referrer to the summary of the FSC.
APRA is responsible for the promotion of the safety and soundness of Authorised Deposit-taking Institutions (ADIs), also known as prudential supervision. APRA provides a consistent approach to the supervision of both banks, building societies and credit unions, with all ADIs subject to the same Prudential Standards, including capital adequacy standards.
Capital is the cornerstone of an Authorised Deposit Taking Institution's strength. The maintenance of adequate capital reserves provides continued assurance that the ADI can continue to honour its obligations to depositors and creditors.
ASIC protects consumers from misleading and deceptive conduct, and also regulates matters affecting incorporation, corporate governance and disclosure. ASIC has issued Auswide Bank with an Australian Credit Licence and an Australian Financial Services Licence (Number 239686).
As a credit licensee, Auswide Bank must engage in credit activities efficiently, honestly and fairly, as well as maintain organisational competence and manage conflicts of interest.
As a financial services licensee, Auswide Bank is required to have adequate financial resources for the performance of its activities, maintain employee competence, skills and experience in financial services and provide adequate systems for training and supervision.
As a listed company on the Australian Stock Exchange Limited (ASX), Auswide is required to meet strict reporting and disclosure requirements. Auswide Bank’s shares have traded on the ASX since 1994.
As part of its regulatory responsibilities, Auswide Bank provides on-going disclosures and reports, so that you’re aware of how Auswide Bank is performing. These documents include annual reports, share analyst reports, credit rating disclosure reports and AGM presentations.
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