United Global Capital Pty Ltd (in administration)

ASIC will update this webpage when important steps take place in relation to this matter. We suggest you visit this page regularly for updates.

What has happened

Who/What is United Global Capital (UGC)?

UGC operated as an Australian financial services business based in Melbourne which held Australian Financial Services Licence Number 496179 since 18 August 2017. It provided financial services including financial advice to clients across Australia. The sole director of UGC is Joel James Hewish. Mr Hewish was also UGC’s responsible manager and key person on the licence.

On 5 July 2024, UGC entered voluntary administration. David Stimpson and Hugh Armenis of SV Partners were appointed Voluntary Administrators of UGC. SV Partners contact details are: svpartners.com.au, 22 Market Street Brisbane QLD 4000, (07) 3310 2000.

What has ASIC done?

ASIC decided to cancel UGC’s Australian Financial Services Licence and ban UGC’s director Mr Joel James Hewish for 10 years. Mr Hewish’s banning is recorded on ASIC’s banned and disqualified register.

On 20 June 2024, ASIC obtained interim orders from the Federal Court freezing the assets of UGC and related property investment company Global Capital Property Fund Limited. The proceedings regarding the interim orders have been adjourned to 9:30am on 6 August 2024.

ASIC’s investigation into the conduct of UGC, Mr Hewish and related entities is continuing.

Why has ASIC taken these actions?

ASIC was concerned that UGC and its representatives gave conflicted personal advice to clients, specifically those advised to establish a self-managed superannuation fund (SMSF) and invest in highly speculative investments related to Mr Hewish (UGC’s director). This included a company called Global Capital Property Fund Limited (GCPF).

This is despite UGC advisers telling clients they were not receiving personal financial product advice.

UGC’s AFS licence was cancelled based on ASIC’s findings that UGC:

used a client onboarding process that lured people into investing their retirement savings in UGC-related products, by having calls made to prospective clients using details obtained from a third-party website operator, offering them a free superannuation ‘health check’;
through its authorised representatives, recommended investments to clients that included speculative investments in GCPF in which Mr Hewish had an interest,
attempted to contract out of its personal advice obligations whereas its representatives did give personal advice to clients in breach of those obligations, including by failing to act in clients’ best interests and giving them inappropriate advice, and
contravened a number of its general obligations as an AFS licensee including the obligation to do all things necessary to ensure the financial services authorised under its licence are provided efficiently, honestly and fairly; the obligation to take reasonable steps to ensure its representatives comply with financial services laws, and the obligation to have adequate arrangements in place to manage conflicts of interest.

ASIC banned Mr Hewish having found that he:

was involved in UGC’s conduct as its responsible manager and key person under the licence,
demonstrated a fundamental lack of competence, and a cavalier attitude to his management of UGC and the importance of complying with financial services laws,
created a culture of non-compliance and incompetence at UGC, and
cannot be trusted to comply with financial services laws.

Mr Hewish and UGC have appealed to the Administrative Appeals Tribunal for a review of ASIC’s decision.

What is ASIC going to do next?

ASIC’s investigation into the conduct of UGC, Mr Hewish and related entities is continuing. We encourage you to check this webpage regularly for any further updates.

Important information for clients of United Global Capital

Actions to consider if you are a client of UGC

If you are a client of UGC and have concerns about the conduct of your adviser or the advice you received, you should consider lodging a complaint with the Australian Financial Complaints Authority (AFCA).

AFCA is the external dispute resolution scheme for financial complaints in Australia and must deal with complaints independently and fairly. AFCA’s service is free for consumers. AFCA can be contacted by:

calling 1800 931 678 for free (9am – 5pm Melbourne time) or
lodging a complaint online on AFCA’s website.

AFCA will consider your complaint if it meets the eligibility criteria.

AFCA will provide updates for people with complaints in relation to UGC on the Current matters page of their website.

If you invested through your Self Managed Super Fund (SMSF)

For any questions relating to an investment made by your SMSF, you may wish to consider contacting your accountant or seek independent financial advice.

ASIC’s Moneysmart website has information on how to choose a financial adviser.

AFCA also has important information for self-managed superannuation fund (SMSF) trustees on their website: Factsheet – SMSF complaints.

Further support and information

Further support is available if you need it

If you are experiencing financial difficulty, you can speak to an independent financial counsellor for free by contacting the National Debt Helpline (NDH) on 1800 007 007 (9:30am to 4.30pm in your local time zone, Monday to Friday). The NDH may not be able to assist with your SMSF specifically. You can also find a financial counselling agency using the map on the MoneySmart website.

If you are experiencing distress and would like to speak to someone, further support is available at:

Lifeline: 13 11 14 (24 hours)
Beyond Blue: 1300 22 46 36 (24 hours)

How can I receive further updates?