The Australian Financial Complaints Authority (AFCA), which acts as an external agency to resolve the disputes, has expelled the membership of Union Standard International Group Pty (USGFX) on November 11, meaning it will no longer accept any customer complaints against the doomed broker.
However, the agency clarified that the expulsion will not affect the USGFX customer complaints that it has already received.
“If you have an outstanding claim against Union Standard International Group Pty Ltd you can directly engage with the liquidator and lodge a proof of debt with supporting information,” the announcement on Wednesday stated.
“We suggest any consumer with a claim contact the liquidator now and lodge a proof of debt and provide information to support their claim, such as the information already provided to AFCA.”
USGFX Saga
The troubles of USGFX, which was then operating with an AFS license, started in mid-2020 when the broker entered into voluntary administration, appointing BRI Ferrier as the administrator.
Though the initial goal of the broker was to restructure the business to continue providing financial services, the Australian financial watchdog soon suspended its license. That followed the liquidation of the brokers Aussie business and eventually cancellation of its AFS license.
Apart from its Australian operations, USGFX also offered services globally with an offshore license. However, its global operations also faced troubles as its Aussie business fell apart. To minimize the damage, the broker moved its headquarters to London and also rebranded itself.
Meanwhile, the Australian financial market supervisor continued its actions against the broker and banned one of its directors for 10 years from providing any financial services.