ASIC bans United Global Capital director for a decade and cancels company's license due to misconduct.
The regulator found that UGC engaged in deceptive practices and failed to meet licensee obligations.
The
Australian Securities and Investments Commission (ASIC) has taken decisive
action against United Global Capital Pty Ltd (UGC) and its director. It banned Joel
James Hewish from the financial services industry for 10 years and canceled
UGC's financial services license.
Australian Regulator Bans
Financial Services Director, Cancels Company License
The
regulatory body found that UGC's authorized representatives had engaged in
questionable practices. These included recommending that clients establish self-managed
superannuation funds (SMSFs) and invest in speculative products related to
Hewish.
ASIC's investigation revealed that UGC used deceptive client onboarding
processes and failed to meet its obligations as a licensee.
ASIC's
decision to ban Hewish was based on his involvement in UGC's misconduct as its
responsible manager. The regulator cited Hewish's “fundamental lack of
competence” and “cavalier attitude” towards compliance with
financial services laws.
The
regulator canceled UGC's AFS license due to multiple violations. These included
using deceptive client onboarding practices, recommending speculative
investments tied to Hewish, breaching personal advice obligations, and failing
to meet general licensee requirements such as ensuring efficient and fair
service provision, compliance with financial laws, and proper conflict of
interest management.
🇦🇺 ASIC | ASIC Bans Joel James Hewish and UGC, Continues Investigation into Misconduct
• ASIC has banned Joel James Hewish for 10 years from providing financial services and cancelled the AFS license of United Global Capital Pty Ltd (UGC) due to misconduct.
• UGC's authorized…
Both Hewish
and UGC have appealed ASIC's decision to the Administrative Appeals Tribunal.
The company entered voluntary administration on July 5, 2024, with David
Stimpson and Hugh Armenis of SV Partners appointed as administrators.
ASIC's
investigation into UGC, Hewish, and related entities is ongoing. The regulator
has recommended that impacted clients seek independent advice and consider lodging
complaints with the Australian Financial Complaints Authority.
This is not the only financial institution director recently banned by ASIC. In May, the regulator permanently prohibited Christopher David Nairn, a former director based in Melbourne, from providing financial services or engaging in any activities within the financial and credit sectors. The prohibition followed an investigation that uncovered Nairn's falsification of numerous documents through the forgery of client signatures, which facilitated the misappropriation of $650,000 from client funds.
Previously, Mark Jennings, an unlicensed CFDs trader from Queensland, received a ten-year ban. Jennings was discovered to have deceptively claimed that he could guarantee returns from trading CFDs and provided services without the requisite authorization.
ASIC Suspends Another Fund
Manager's License
In a
separate action also on July 31, 2024, ASIC suspended the AFS license of Id
Funds Management Limited until February 28, 2025. The regulatory body cited Id
Funds' failure to meet its statutory audit and financial reporting lodgment
obligations for the 2022 and 2023 financial years as the reason for the
suspension.
ASIC has
indicated that the suspension could be lifted earlier if Id Funds complies with
its obligations. However, the regulator warned that further action may be
considered if the company fails to meet its requirements by the end of the
suspension period. Id Funds, which has held its AFS license since March 2017,
retains the right to appeal ASIC's decision to the Administrative Appeals
Tribunal.
The
Australian Securities and Investments Commission (ASIC) has taken decisive
action against United Global Capital Pty Ltd (UGC) and its director. It banned Joel
James Hewish from the financial services industry for 10 years and canceled
UGC's financial services license.
Australian Regulator Bans
Financial Services Director, Cancels Company License
The
regulatory body found that UGC's authorized representatives had engaged in
questionable practices. These included recommending that clients establish self-managed
superannuation funds (SMSFs) and invest in speculative products related to
Hewish.
ASIC's investigation revealed that UGC used deceptive client onboarding
processes and failed to meet its obligations as a licensee.
ASIC's
decision to ban Hewish was based on his involvement in UGC's misconduct as its
responsible manager. The regulator cited Hewish's “fundamental lack of
competence” and “cavalier attitude” towards compliance with
financial services laws.
The
regulator canceled UGC's AFS license due to multiple violations. These included
using deceptive client onboarding practices, recommending speculative
investments tied to Hewish, breaching personal advice obligations, and failing
to meet general licensee requirements such as ensuring efficient and fair
service provision, compliance with financial laws, and proper conflict of
interest management.
🇦🇺 ASIC | ASIC Bans Joel James Hewish and UGC, Continues Investigation into Misconduct
• ASIC has banned Joel James Hewish for 10 years from providing financial services and cancelled the AFS license of United Global Capital Pty Ltd (UGC) due to misconduct.
• UGC's authorized…
Both Hewish
and UGC have appealed ASIC's decision to the Administrative Appeals Tribunal.
The company entered voluntary administration on July 5, 2024, with David
Stimpson and Hugh Armenis of SV Partners appointed as administrators.
ASIC's
investigation into UGC, Hewish, and related entities is ongoing. The regulator
has recommended that impacted clients seek independent advice and consider lodging
complaints with the Australian Financial Complaints Authority.
This is not the only financial institution director recently banned by ASIC. In May, the regulator permanently prohibited Christopher David Nairn, a former director based in Melbourne, from providing financial services or engaging in any activities within the financial and credit sectors. The prohibition followed an investigation that uncovered Nairn's falsification of numerous documents through the forgery of client signatures, which facilitated the misappropriation of $650,000 from client funds.
Previously, Mark Jennings, an unlicensed CFDs trader from Queensland, received a ten-year ban. Jennings was discovered to have deceptively claimed that he could guarantee returns from trading CFDs and provided services without the requisite authorization.
ASIC Suspends Another Fund
Manager's License
In a
separate action also on July 31, 2024, ASIC suspended the AFS license of Id
Funds Management Limited until February 28, 2025. The regulatory body cited Id
Funds' failure to meet its statutory audit and financial reporting lodgment
obligations for the 2022 and 2023 financial years as the reason for the
suspension.
ASIC has
indicated that the suspension could be lifted earlier if Id Funds complies with
its obligations. However, the regulator warned that further action may be
considered if the company fails to meet its requirements by the end of the
suspension period. Id Funds, which has held its AFS license since March 2017,
retains the right to appeal ASIC's decision to the Administrative Appeals
Tribunal.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Voting Underway for FMAA - The Industry’s Most Transparent Awards
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage.
Subscribe to our YouTube channel for more!