The Australian Prudential Regulation Authority (APRA) has obtained interim consent orders in the Federal Court preventing Wealth Accelerator Systems Pty Ltd, Wealth Accelerator Holdings Pty Ltd, Enterprise Management Systems (Australia) Pty Ltd and three named individuals from carrying out activities including accepting subscriptions for membership of organisations described as ISH Bank, ECO Bank and EC Market Bank. The proceedings follow a joint enquiry by APRA and the Australian Securities and Investments Commission.

The Banking Act 1959 requires companies that carry on banking activities to be authorised by APRA. Unless that authorisation is made, a company may not use the words bank, banking, etc in its name or to refer to its activities.

Additional orders were made requiring the companies and individuals to disclose to the Court the names of persons who have paid membership fees to ISH Bank, ECO Bank and EC Market Bank. At a final hearing of the proceedings, APRA intends to seek similar final orders and additional orders requiring membership fees to be returned. 

APRA asks that any person who has paid money to the companies in relation to the bank schemes contact APRA on 13 10 60. The Call Centre is open between 8 am and 6:30 pm on business days.

This will ensure that APRA is as informed as possible on the extent of the activities of the companies and can seek to identify any monies that may require repayment if the Court so orders. 

 

For further information contact:

Gloria Peterson Public Affairs Manager 02 9210 3385