In May, ASIC warned consumers about some investment managers’ claims comparing their fixed-term investment products to bank term deposits. ASIC’s concern centred on some issuers’ claims their products were alternatives or substitutes to term deposits. The regulator said some issuers may not be well-capitalised nor supervised by the Australian Prudential Regulation Authority (APRA). Additionally, such investments were not protected by the Government’s Financial Claims Scheme and they may be “backed...