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Director’s “Cavalier Attitude” Leads to 10-Year ASIC Ban, License Loss

Photo of Damian Chmiel Damian Chmiel Send an email July 31, 2024
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Director’s “Cavalier Attitude” Leads to 10-Year ASIC Ban, License Loss

Wednesday, 31/07/2024 | 06:56 GMT by

Damian Chmiel

  • ASIC bans United Global Capital director for a decade and cancels company’s license due to misconduct.
  • The regulator found UGC engaged in deceptive practices and failed to meet licensee obligations.

law

The
Australian Securities and Investments Commission (ASIC) has taken decisive
action against United Global Capital Pty Ltd (UGC) and its director, banning Joel
James Hewish from the financial services industry for 10 years and canceling
UGC’s financial services license.

Australian Regulator Bans
Financial Services Director, Cancels Company License

Joel James Hewish

Joel James Hewish

The
regulatory body found that UGC’s authorized representatives had engaged in
questionable practices, including recommending 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, including
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…

— RegFlow Hub (@RegFlowHub) July 31, 2024

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 advised impacted clients to 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, banning Joel
James Hewish from the financial services industry for 10 years and canceling
UGC’s financial services license.

Australian Regulator Bans
Financial Services Director, Cancels Company License

Joel James Hewish

Joel James Hewish

The
regulatory body found that UGC’s authorized representatives had engaged in
questionable practices, including recommending 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, including
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…

— RegFlow Hub (@RegFlowHub) July 31, 2024

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 advised impacted clients to 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 Chmiel

  • 1641 Articles
  • 36 Followers

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.

  • 1641 Articles
  • 36 Followers

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    Andreas C. Kapsos | Match-Prime Liquidity


    Andreas C. Kapsos | Match-Prime Liquidity

    We had the chance to meet with Match-Prime Liquidity’s CEO, Andreas Kapsos to discuss the evolving landscape of liquidity in the trading industry at the Cyprus Expo. He highlights the increasing demand for new asset types like crypto CFDs and the role of AI in predictive analysis and sentiment tracking.

    Emphasizing the importance of multiple liquidity providers, he explains that having more than one provider offers better security and comparison opportunities for clients. The conversation also touches on the consolidation trend in the liquidity space and the challenges new entrants face due to high entry barriers and sophisticated market demands.

    #financemagnates #financialnews #TradingIndustry #Liquidity #CryptoCFDs #AIinFinance #FinancialExpo

    📣 Stay updated with the latest in finance and trading!
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    We had the chance to meet with Match-Prime Liquidity’s CEO, Andreas Kapsos to discuss the evolving landscape of liquidity in the trading industry at the Cyprus Expo. He highlights the increasing demand for new asset types like crypto CFDs and the role of AI in predictive analysis and sentiment tracking.

    Emphasizing the importance of multiple liquidity providers, he explains that having more than one provider offers better security and comparison opportunities for clients. The conversation also touches on the consolidation trend in the liquidity space and the challenges new entrants face due to high entry barriers and sophisticated market demands.

    #financemagnates #financialnews #TradingIndustry #Liquidity #CryptoCFDs #AIinFinance #FinancialExpo

    📣 Stay updated with the latest in finance and trading!
    Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:

    🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
    👍 Facebook: https://www.facebook.com/financemagnates/
    📸 Instagram: https://www.instagram.com/financemagnates_official
    🐦 X (Twitter): https://twitter.com/financemagnates/
    📡 RSS Feed: https://www.financemagnates.com/feed/
    ▶️ Telegram: https://t.me/financemagnatesnews

    Don’t miss out on our latest videos, interviews, and event coverage.
    🔔 Subscribe to our YouTube channel for more!🔔

    We had the chance to meet with Match-Prime Liquidity’s CEO, Andreas Kapsos to discuss the evolving landscape of liquidity in the trading industry at the Cyprus Expo. He highlights the increasing demand for new asset types like crypto CFDs and the role of AI in predictive analysis and sentiment tracking.

    Emphasizing the importance of multiple liquidity providers, he explains that having more than one provider offers better security and comparison opportunities for clients. The conversation also touches on the consolidation trend in the liquidity space and the challenges new entrants face due to high entry barriers and sophisticated market demands.

    #financemagnates #financialnews #TradingIndustry #Liquidity #CryptoCFDs #AIinFinance #FinancialExpo

    📣 Stay updated with the latest in finance and trading!
    Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:

    🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
    👍 Facebook: https://www.facebook.com/financemagnates/
    📸 Instagram: https://www.instagram.com/financemagnates_official
    🐦 X (Twitter): https://twitter.com/financemagnates/
    📡 RSS Feed: https://www.financemagnates.com/feed/
    ▶️ Telegram: https://t.me/financemagnatesnews

    Don’t miss out on our latest videos, interviews, and event coverage.
    🔔 Subscribe to our YouTube channel for more!🔔


    We had the chance to meet with Match-Prime Liquidity’s CEO, Andreas Kapsos to discuss the evolving landscape of liquidity in the trading industry at the Cyprus Expo. He highlights the increasing demand for new asset types like crypto CFDs and the role of AI in predictive analysis and sentiment tracking.

    Emphasizing the importance of multiple liquidity providers, he explains that having more than one provider offers better security and comparison opportunities for clients. The conversation also touches on the consolidation trend in the liquidity space and the challenges new entrants face due to high entry barriers and sophisticated market demands.

    #financemagnates #financialnews #TradingIndustry #Liquidity #CryptoCFDs #AIinFinance #FinancialExpo

    📣 Stay updated with the latest in finance and trading!
    Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:

    🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
    👍 Facebook: https://www.facebook.com/financemagnates/
    📸 Instagram: https://www.instagram.com/financemagnates_official
    🐦 X (Twitter): https://twitter.com/financemagnates/
    📡 RSS Feed: https://www.financemagnates.com/feed/
    ▶️ Telegram: https://t.me/financemagnatesnews

    Don’t miss out on our latest videos, interviews, and event coverage.
    🔔 Subscribe to our YouTube channel for more!🔔

    We had the chance to meet with Match-Prime Liquidity’s CEO, Andreas Kapsos to discuss the evolving landscape of liquidity in the trading industry at the Cyprus Expo. He highlights the increasing demand for new asset types like crypto CFDs and the role of AI in predictive analysis and sentiment tracking.

    Emphasizing the importance of multiple liquidity providers, he explains that having more than one provider offers better security and comparison opportunities for clients. The conversation also touches on the consolidation trend in the liquidity space and the challenges new entrants face due to high entry barriers and sophisticated market demands.

    #financemagnates #financialnews #TradingIndustry #Liquidity #CryptoCFDs #AIinFinance #FinancialExpo

    📣 Stay updated with the latest in finance and trading!
    Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:

    🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
    👍 Facebook: https://www.facebook.com/financemagnates/
    📸 Instagram: https://www.instagram.com/financemagnates_official
    🐦 X (Twitter): https://twitter.com/financemagnates/
    📡 RSS Feed: https://www.financemagnates.com/feed/
    ▶️ Telegram: https://t.me/financemagnatesnews

    Don’t miss out on our latest videos, interviews, and event coverage.
    🔔 Subscribe to our YouTube channel for more!🔔


    We had the chance to meet with Match-Prime Liquidity’s CEO, Andreas Kapsos to discuss the evolving landscape of liquidity in the trading industry at the Cyprus Expo. He highlights the increasing demand for new asset types like crypto CFDs and the role of AI in predictive analysis and sentiment tracking.

    Emphasizing the importance of multiple liquidity providers, he explains that having more than one provider offers better security and comparison opportunities for clients. The conversation also touches on the consolidation trend in the liquidity space and the challenges new entrants face due to high entry barriers and sophisticated market demands.

    #financemagnates #financialnews #TradingIndustry #Liquidity #CryptoCFDs #AIinFinance #FinancialExpo

    📣 Stay updated with the latest in finance and trading!
    Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:

    🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
    👍 Facebook: https://www.facebook.com/financemagnates/
    📸 Instagram: https://www.instagram.com/financemagnates_official
    🐦 X (Twitter): https://twitter.com/financemagnates/
    📡 RSS Feed: https://www.financemagnates.com/feed/
    ▶️ Telegram: https://t.me/financemagnatesnews

    Don’t miss out on our latest videos, interviews, and event coverage.
    🔔 Subscribe to our YouTube channel for more!🔔

  • The Opening Networking Blitz at FMPS:24 sets a high bar for networking, and business.

    17:00-21:00


    The Opening Networking Blitz at FMPS:24 sets a high bar for networking, and business.

    17:00-21:00

    The Opening Networking Blitz at FMPS:24 sets a high bar for networking, and business.

    17:00-21:00


    The Opening Networking Blitz at FMPS:24 sets a high bar for networking, and business.

    17:00-21:00

    The Opening Networking Blitz at FMPS:24 sets a high bar for networking, and business.

    17:00-21:00


    The Opening Networking Blitz at FMPS:24 sets a high bar for networking, and business.

    17:00-21:00

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Photo of Damian Chmiel Damian Chmiel Send an email July 31, 2024
0 26 minutes read
Photo of Damian Chmiel

Damian Chmiel

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