The Australian Government’s Financial Claims Scheme (FCS) protects people’s deposits in the unlikely event that an ADI, including a RADI, fails. Under the FCS, deposits are protected up to a limit of $250,000 for each account holder at each ADI that is incorporated in Australia and authorised by APRA.
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 FCS within seven calendar days.
More information can be found at https://www.fcs.gov.au.
Alex Bank Pty Ltd ABN 13 627 244 848 ("Alex"), Australian Financial Services Licence and Australian Credit Licence 510805, is authorised by the Australian Prudential Regulation Authority ("APRA") to operate under a time-limited and restricted Banking Authority. Further information regarding Alex's restricted Banking Authority is available here.
The information on our website is general advice only, prepared without taking into account any of your individual objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. Loan applications are subject to credit approval. Interest rates are subject to change. Fees and charges may apply.
The Canstar 5-Star Rating was awarded on 5th November 2020 for the Unsecured Personal Loan - Excellent Credit product for the Unsecured Personal Loan profile.
The InfoChoice 2021 Winner 'Personal Loan Unsecured - Fixed Rate'.
#As recognised by Australia’s leading industry comparison sites and finance journals.
Copyright © 2021 Alex IP Pty Ltd