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Showing 1 - 7 of 7 results for "Financial Claims Scheme"

Neobank Volt closes its doors

CASSANDRA BALDINI  |  WEDNESDAY, 29 JUN 2022
... with Volt remain safe and are guaranteed by the government up to $250,000 per account holder under the financial claims scheme. Volt said it has taken steps to reduce all expenses and staff numbers, other than those required to support the orderly return ...

ASIC detects imposter bond scam

ANNABELLE DICKSON  |  THURSDAY, 28 JAN 2021
... further tactics include claiming the price of the bonds is protected under the Commonwealth Government Financial Claims Scheme and using contact details obtained online to contact people pressuring them to invest. ASIC acting chair Karen Chester urged ...

ASIC delivers thinly veiled warning

ELIZABETH MCARTHUR  |  FRIDAY, 8 MAY 2020
... because they may be issued by entities that are not well-capitalised, not protected by the Government's Financial Claims Scheme, and not supervised by the Australian Prudential Regulation Authority (APRA)," the regulator said. "Some are also backed by ...

Court restricts Mayfair advertising

ELIZA BAVIN  |  MONDAY, 20 APR 2020
... Regulation Authority (APRA) and investment in its products is not covered by the Australian Government's Financial Claims Scheme (colloquially known as the 'Government Bank Guarantee' which covers deposits up to A$250,000 per depositor, per bank). As ...

Discriminatory bank regulation hits super savings

JAMIE WILLIAMSON  |  WEDNESDAY, 22 AUG 2018
... members as unstable, the research said. Meanwhile, retail deposits like those from SMSFs are covered by the Financial Claims Scheme (FCS) and thereby treated as stable. This is further compounded by the Net Stable Funding Ratio and the Major Bank Levy. ...

Major banks receive Budget shakeup

JAMIE WILLIAMSON  |  TUESDAY, 9 MAY 2017
... additional Tier 1 capital and deposits of individuals, businesses and other entities protected by the Financial Claims Scheme. In its Federal Budget, the Government has also allocated $1.1 million to Treasury to oversee the timely implementation of A ...

Westpac launches annuity lookalike

JAMES FERNYHOUGH  |  WEDNESDAY, 17 JUL 2013
... than a conventional annuity, it will qualify for the Government's $250,000 deposit guarantee under the Financial Claims Scheme. "Investors choose a term of up to 15 years over which they want to receive income payments," Westpac Head of Capital Market ...
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