SocietyOne has appointed Simon Willoughby as its new general counsel, responsible for legal, compliance and regulatory reporting functions. Willoughby joins SocietyOne from iSelect, where he was head of legal and compliance. Before working at iSelect he spent five years as a senior manager in the financial services enforcement group at the Australian Securities and Investment Commission. Late yesterday, after close of trading on the ASX, National Australia Bank announced it was issuing HK$1,137,000,000 (approx A$200 million) in ten-year subordinated notes. These notes will pay 3.73 per cent annually, a fixed rate for the five years to 17 May 2021, at which point the rate will be reset according to the HIBOR plus a margin. These subordinated notes convert into fully paid ordinary NAB shares where the Australian Prudential Regulation Authority determines this to be necessary on the grounds of non-viability. A Melbourne woman has been paid $4,000 to drop a legal case against Cash Converters over unfair contracts. The woman, who wanted only to be known by her first name Kirsten, was offered the settlement after 774 ABC Melbourne exposed her history of high-interest loans with Cash Converters. She told the ABC she believed she lost approximately $30,000 to the pawnbroker in the form of fees, interest and items over the past eight years. She told her story as part of a year-long series "Turning Points", and the Melbourne-based Consumer Action Law Centre then took her case on.