The Australian Prudential Regulation Authority (APRA) notes today’s announcement by Volt Bank Limited (Volt) that it intends to return all funds to depositors and ultimately relinquish its licence to operate as an authorised deposit-taking institution.

Volt’s decision to exit the banking industry and pursue other business opportunities is a commercial decision for Volt.

As Australia’s financial safety regulator, APRA will closely monitor the process to ensure funds are returned to Volt depositors in an orderly and timely manner.

In addition to the return of deposit process, Volt’s depositors remain protected by the Financial Claims Scheme (FCS).

Originally published by APRA