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Is TermPlus a bank term deposit?

TermPlus is not a bank or a term deposit. It is an investment product that provides exposure to global private credit markets.

The issuer of TermPlus (Pengana Capital Limited (ABN 30 103 800 568, AFSL 226 56) is not authorised as an Approved Deposit-Taking Institution (ADI) under the Banking Act 1959 (Cth) and is governed by the corporations Act under ASIC, rather than supervised by the Australian Prudential Regulation Authority.  Investing in TermPlus is not the same as depositing money with an ADI.  Unlike ADIs, any investment in TermPlus will not be covered by the financial claim scheme (also known as the Government Bank Guarantee) established under the Banking Act 1959 (Cth), which covers deposits up to A$250,000 per depositor per ADI. 

 

TermPlus offer three layers of protection built into TermPlus investments (made available by a co-investment alongside account holders). You can read more here.Â