Members of Encompass Credit Union last week endorsed a merger with Select Credit Union. Select members had already approved the proposed transfer of Select's business to Encompass at a meeting on 20 April. Mark Worthington, chief executive of Select Credit Union, will be CEO of the amalgamated entity. The merged mutual will have A$620 million in assets, based on their June 2015 data, making it one of the 30 largest credit unions in Australia. Queensland Police Credit Union will join the ranks of mutual ADIs adopting bank status and branding. From July 1 QPCU will change its trading name to QBANK. QPCU chief executive Grant Devine wrote in a media release: "The term credit union doesn't mean as much to people these days, and we believe our new trading name will clearly explain what we do and who we serve." Devine said the business "has seen tremendous growth over the past 12 months, with loan growth approaching 20 per cent for the year and new member growth the best it's been in years." ASIC has permanently banned Grant Aaron Parker from engaging in credit activities and providing financial services. Parker, previously a finance broker with Get Approved Finance in Western Australia, was found to have engaged in misleading conduct when brokering motor vehicle financing, by dishonestly preparing loan applications and inflating loan amounts by selling and financing insurance and warranty products without his clients' knowledge or consent. The lender, Esanda, has agreed to compensate more than 70 borrowers for A$1.38 million in loans organised by Get Approved Finance. Foreign exchange broker Vantage FX has launched trading accounts with a promise to pay an annual 8.88 per cent for "active forex traders", to be paid monthly if clients meet minimum trading volumes and account balances. The firm is clearly pitching this as a way of attracting and keeping business, claiming a first for the industry. A spokesman for the firm declined to be drawn on exact numbers or measures of success, saying: "It's hard to make projections at this stage, but we have seen a surge in both existing accounts being funded as well as new accounts being opened."