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ASIC

A former director and in-house counsel of Australia's Provident Capital Limited, promoters of the Provident Capital Monthly Income Fund, a defunct investment company, is the latest to be subject to sanctions arising out of the collapse of the company.

ASIC has cancelled the Australian financial services (AFS) licence of Winley Insurance Group Pty Ltd (Winley), a Perth-based general insurance brokerage for failing to comply with a number of its key obligations as a financial services licensee, in particular failures to file regulatory reports as required.

As a result of concerns raised by ASIC, American Express Australia Limited has agreed to change its approach to the charging of a higher ‘default’ rate of interest to credit card customers who have defaulted in their payment obligations. The policy currently affects 7.9% of credit card accounts issued by AMEX. As a result of the changes the holders of those accounts will receive a reduction in interest rate of up to 6%.

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The Australian Securities and Investments Commission has obtained the suspension by the Companies Auditors and Liquidators Disciplinary Board of Dean Royston McVeigh for 18 months, preventing him acting as liquidator or voluntary administrator.

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