The Australian Prudential Regulation Authority (APRA) has commenced a consultation on Prudential Standard APS 910 Financial Claims Scheme (APS 910), which is due to sunset on 1 October 2023.
APS 910 plays a key role in APRA's crisis management framework as it requires locally-incorporated authorised deposit-taking institutions to be pre-positioned for the Financial Claims Scheme. APRA is proposing to remake APS 910 prior to the sunsetting date. APRA proposes to leave APS 910 unchanged at this stage, other than for minor updates to ancillary provisions. APRA plans to commence a comprehensive review of APS 910 at a later date, so as to consider lessons learned from recent international events.
The consultation will be open for submissions until 23 August 2023.
The consultation letter is available on the APRA website at: Remake of Prudential Standard APS 910 Financial Claims Scheme.
