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.
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* APRA has announced the final version of the government guarantee on deposits, requiring a Single Customer View from any ADI.
* APRA has told deposit-takers they must implement a Single Customer View regime before 1 January 2014, to prevent multiple coverage under the government guarantee.
The sad fact is the government guarantee on deposits does not apply for individuals investing in deposits offered by public superannuation funds.