Bartercard operator BPS Technology has opened six new Bartercard franchises in the United States, taking the total to 18 franchises operating in eight states. Four of the new franchises are in California and the others are in Virginia and Georgia. Bartercard is used by 24,000 small and medium businesses worldwide and has annual transaction value of around US$600 million. It is commonly used by businesses to trade excess inventory. ASIC has banned Adelaide financial adviser Michael Mahoney from providing financial services for a period of four years. Mahoney was employed by the BT Financial Group in Westpac's Scaled Advice Insurance business from October 2013 to July 2014. ASIC's investigation found that Mahoney entered false information regarding various clients' health or health-risk factors in telephone applications for insurance policies issued by Westpac Life Insurance Services, which resulted in WLIS assuming greater risks on those policies. WLIS has, nevertheless, agreed to honour the affected client policies. Mahoney has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision. Fitch Ratings has assigned expected ratings of 'AAA(EXP)sf' to Series 2011-1 SWAN Trust's tranche of class A2-R mortgage-backed floating-rate notes. The transaction is a securitisation of first-ranking Australian residential mortgages originated by Bank of Western Australia, now part of Commonwealth Bank of Australia. The class A2-R notes will be issued to refinance the soft-bullet class A2 notes on 19 October 2016. The class A2 notes will be repaid in full from the proposed issuance of A$95.8 million in class A2-R notes, plus the balance of the GIC account, which is A$4.2 million.