Union Standard International Group Limited, the United Kingdom-based subsidiary of the USG Group (previously known as USGFX), has lost its authorization from the Financial Conduct Authority (FCA Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term), as seen on the regulatory registry.

USGFX UK No Longer Holding an FCA License

"This firm can no longer provide regulated activities and products but previously was authorized by the FCA and/or PRA," the company's registry page with the FCA stated, adding that it has not been authorized since 16 December. It means the 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 contracts for differences (CFDs) broker can no longer offer financial services to residents in the United Kingdom.

However, it is not clear if the company voluntarily renounced its FCA license or if the regulator withdrew its authorization.

The cancellation of the FCA license came a month after Damian McDowell, the UK CEO of the broker, stepped down after taking the role in July 2021, replacing Simon Quirke. Moreover, the company did not name any replacement for McDowell.

On top of that, the Companies House filing shows that the firm was incorporated on 31 March 2017 and now has Soe Hein Minn, a Burmese national, as the sole Director. Minn, a controlling shareholder of the brokerage group, was ousted from the Board of the UK arm of the broker in October 2020 but rejoined last year in July.

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USGFX as a Controversial Broker

United Strategic International is a controversial trading service provider. It made headlines when its Aussie operations went into voluntary administration in July 2020, followed by the cancellation of its Australia Financial Services (AFS) license. Additionally, the company's administrators blamed the broker's owner, Minn, for not cooperating with the liquidation process.

A 7-year-old ad of USGFX

Furthermore, the broker moved its headquarters from Australia to London and rebranded last year to shed its negative reputation.

Meanwhile, Union Standard International is still offering services under at least one of its offshore entities, which is registered in St. Vincent and Grenadines. It offers counterparty trading services with around 60 instruments on MetaTrader 4 and MetaTrader 5 platforms.