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Your Safety and Security

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Your Safety and Security

South West Credit is an Approved Deposit Taking Institution (ADI) as are the banks. We are regulated by the Australian Prudential Regulatory Authority (APRA). All ADI’s are subject to the depositors protection provisions of the Banking Act of 1959.
As part of the new Financial Claims Scheme (FCS), deposits with credit unions, mutual building societies and mutual banks of up to $250,000 will be covered on a permanent basis by the Government Guarantee from 1st February 2012.
South West Credit and other Credit Unions meet the same strict, legally enforceable standards as banks under the Banking Act regulated by the Australian Prudential Regulation Authority (APRA). Credit Unions are prudent and responsible lenders.
The Government Deposit Guarantee applies to our:

  • Fixed Term Deposit Products
  • Savings Account Products

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  Australian Financial Services Licence (AFSL)
In addition to the ADI licence to carry out banking business, South West Credit holds an Australian Financial Services Licence (AFSL) and is regulated by the Australian Securities and Investments Commission (ASIC) under the Corporations Act 2001.
AFSL holders are subject to a range of licensing, conduct and disclosure obligations.
South West Credit is also subject to regulatory obligations under a range of laws, including:
  • consumer credit law
  • the Privacy Act 1988
  • the Anti-Money Laundering and Counter-Terrorism Financing Act 2006
  • payments system regulation
  • the Electronic Funds Transfer Code of Conduct
  • The Customer Owned Banking Code of Practice.

 

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