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About ASIC

United Global Capital Pty Ltd (in liquidation)

ASIC will update this webpage when important steps take place in relation to this matter. We suggest you visit this page regularly for 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 lodged a complaint with AFCA prior to the 31st of May 2025, AFCA will provide updates for people with complaints in relation to UGC on the Current matter update of their website. If you require additional documentation relevant to your investment to assist with your AFCA complaint, please contact SV Partners as the liquidator of UGC by emailing ugc@svp.com.au or call (07) 3310 2024.

If you are an investor of GCPF, you can contact the liquidators with any queries by emailing gcpf.investors@fticonsulting.com.

ASIC will publish further updates on this webpage. If you are concerned or want to provide information to ASIC, you can contact ASIC’s investigation team by email at UGC.Investigation@asic.gov.au.

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.

Enforcement updates

3 October 2024 – Federal Court appoints liquidator to Global Capital Property Fund (GCPF)

On 9 September 2024, ASIC applied to the Federal Court for orders to appoint provisional liquidators to GCPF and to wind-up GCPF. On 3 October, the Federal Court made orders for Global Capital Property Fund (GCPF) to be wound up on just and equitable grounds, appointing Ross Blakely and Kelly-Anne Trenfield of FTI Consulting as liquidators.

9 August 2024 – UGC in liquidation

UGC’s creditors resolved to wind-up UGC and appoint David Stimpson of SV Partners as liquidator.

UGC withdrew its application regarding the licence cancellation and the AAT dismissed that application.  Mr Hewish’s application to review the banning decision continues.

Next court date

The final hearing was on 3 October 2024.

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 and on 9 August 2024 UGC’s creditors resolved to wind-up UGC and appoint David Stimpson of SV Partners as liquidator.  SV Partners’ contact details are: ugc@svp.com.au, 22 Market Street Brisbane QLD 4000, (07) 3310 2024.

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. For further updates on the proceedings regarding the interim orders please see the Enforcement Updates section below.

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 appealed to the Administrative Appeals Tribunal for a review of ASIC’s decision. UGC has now withdrawn its application to the AAT regarding the licence cancellation and the AAT has dismissed that application.

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.

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: 

How can I receive further updates?

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

ASIC will publish further updates on this webpage. If you are concerned or want to provide information to ASIC, you can contact ASIC’s investigation team by email at UGC.Investigation@asic.gov.au.

Relevant media releases