Home / Other

APRA imposes Single Customer View (SCV) for government guarantee

Graham Hand
21 March 2013

APRA has written to all Authorised Deposit-Taking Institutions (ADIs) requesting information on their preparedness for implementing the Single Customer View (SCV) requirements. This is part of APRA's management of the government guarantee on deposits (the so-called Financial Claims Scheme) which offers a guarantee of up to $250,000 per entity per institution.

APRA is ensuring that ADIs:

identify each unique account holder, and

develop and implement an SCV

The main intention is to ensure a customer does not receive multiple rights to the guarantee by operating multiple accounts. The ADI must design and operate their accounts to identify and merge each individual in their reporting. You can rest assured that this is a major technology headache for most of the ADIs in Australia who have never had an SCV before. And the implementation date? 1 January 2014, barely 8 months away.

APRA, bank deposits, government guarantee

Leave a Comment:

Comment is required Name is required Email is required

Deposit guarantee bill passes but not for super funds

The government guarantee on deposits has finally been legislated and based on information released by APRA you'd be forgiven for assuming that superannuation bank deposits would be covered. Not necessarily.

Graham Hand
16 October 2014

APRA guidelines for Single Customer View

* APRA has announced the final version of the government guarantee on deposits, requiring a Single Customer View from any ADI.

Graham Hand
25 June 2013

APRA helps SMSFs but large super funds left hanging

The nation's savings are in superannuation and the nation's funding needs are in the banks. Yet the regulators and the new liquidity rules make it even more difficult for the two to get together, with another free kick to SMSFs.

Graham Hand
3 April 2013

Site Map

About Firstlinks

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.