ASIC today issued Class Order [CO 11/1340] Financial Claims Scheme contact number. [CO 11/1340] updates the telephone number in the Corporations Regulations 2001 that authorised deposit-taking institutions (ADIs) and insurers must disclose for consumers to call if they have inquiries about the Financial Claims Scheme (FCS), also known as the government deposit guarantee.

[CO 11/1340] reflects that there has been a change to the phone number. Consumers that call the previous number referred to in the regulations will be redirected to the new correct number.

ASIC is aware that ADIs and insurers have created disclosure documents with the previous phone number without being aware of the change. ASIC will not require ADIs and insurers to correct their existing disclosure documents and will not pursue non-compliance in relation to these existing documents. When relevant issuers of financial products are updating their disclosure documents, they should ensure the new number is used in any revised material that they may issue in the future.

Background

Under Corporations Regulation 7.9.14D, product issuers of financial products that are covered by the FCS are required to provide information about the scheme in relevant product disclosure statements (PDS).

Paragraph 7.9.14D(1)(c) requires that a PDS include a statement, among other things, that information can be obtained from the APRA hotline. The new number is 1300 55 88 49.

Download Class Order [CO 11/1340] Financial Claims Scheme contact number