USG UK Turns Profits in FY21, Generates £1.27 Million in Revenue

Union Standard International Group (now known as United Strategic International Limited) published the financials of its FCA-regulated UK operations for FY 2021, ending on March 31. It reported a total turnover of £1.27 million for the period.

The UK subsidiary of the broker launched its services in January 2020, meaning the latest figures were its first full-year reporting. In the few months of operations in the previous year, it generated £63,064 in revenue.

Additionally, the broker ended the last financial year with a net profit of £93,830, compared to a loss of £347,572 in the previous year.

Putting Controversies Behind

This broker is a very controversial one, especially after the shuttering of its Australian operations in 2020. That business is now under the control of court-appointed administrators, who are receiving claims from creditors.

Despite the troubles in Australia, the broker continued to operate under its international subsidiaries. It even moved its headquarters from Australia to the United Kingdom. Last year, the broker even rebranded probably to distance itself from the now-tainted USGFX brand.

The broker offers regulated financial services, including trading with forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs. Apart from the UK, it is regulated in South Africa as well as St. Vincent and the Grenadines. Though a majority of its clients are from the retail space, it also serves professional clients.

“Clients are namely from the United Kingdom, but the firm also offers its services to other 3rd country jurisdictions in compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term with FCA and ESMA guidelines,” the filing stated. “The firm will continue to grow the business organically, building the client base and further improving the client on-boarding experience and entire customer journey.”

“Going forward we plan to enhance our processes, the customer journey, the spreads we offer across all markets. We look to maintain and build relationships with trusted partners who will play a vital role in improving the services we offer to our clients.“