As ADI’s prepare to comply with the APRA requirement to be able to produce a ‘single customer view’ of all protected accounts held by deposit holders, two aspects of the Financial Claims Scheme have become clear:

• Firstly, aggregated deposits in one name will only be covered to $250,000 regardless of the number of contributories to the account. For example a single million dollar deposit by a super fund trustee for multiple members will only be protected in total to $250,000, not $250,000 per super fund member.
• Secondly, ADIs with a multi-brand strategy will only be treated as one ADI. A depositor with funds deposited in more than one brand of an ADI will be treated as having one deposit in the ADI and will only be protected in aggregate to $250,000.

Appropriate disclosure must be made to depositors.