Aussie Dispute Resolution Agency Expels USGFX Membership



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.
Latest News
-
EUR/USD Soars as Lagarde Talks Up Hikes, Says ECB Will Exit Negative Rates in Q3
WikiFX | 1653377522000
-
WikiFX Review: Turnkey Forex- If you don’t know now you know
WikiFX | 1653381206000
-
Bank of Korea to raise rates again on May 26, to hit 2.25% by year end – Reuters poll
WikiFX | 1653324770000
-
Global energy and funding shocks test climate commitments
WikiFX | 1653383272000
-
Argentine bills strain wallets (literally) amid inflation drain
WikiFX | 1653363471000
-
Britons warned energy bills could jump another 40% in October
WikiFX | 1653367971000
-
U.S. births rise for the first time in seven years in 2021
WikiFX | 1653374271000
-
Iraqi Kurdish leader says rejects federal court oil and gas ruling
WikiFX | 1653372482000
-
NY Fed sees balance sheet falling $2.5 trln by mid-2025, when run-off stops
WikiFX | 1653376976000
-
EU watchdog calls for ‘workable balance’ in derivatives Brexit battle
WikiFX | 1653375171000
United States Dollar
- United Arab Emirates Dirham
- Australia Dollar
- Canadian Dollar
- Swiss Franc
- Chinese Yuan
- Danish Krone
- Euro
- British Pound
- Hong Kong Dollar
- Hungarian Forint
- Japanese Yen
- South Korean Won
- Mexican Peso
- Malaysian Ringgit
- Norwegian Krone
- New Zealand Dollar
- Polish Zloty
- Russian Ruble
- Saudi Arabian Riyal
- Swedish Krona
- Singapore Dollar
- Thai Baht
- Turkish Lira
- United States Dollar
- South African Rand

United States Dollar
- United Arab Emirates Dirham
- Australia Dollar
- Canadian Dollar
- Swiss Franc
- Chinese Yuan
- Danish Krone
- Euro
- British Pound
- Hong Kong Dollar
- Hungarian Forint
- Japanese Yen
- South Korean Won
- Mexican Peso
- Malaysian Ringgit
- Norwegian Krone
- New Zealand Dollar
- Polish Zloty
- Russian Ruble
- Saudi Arabian Riyal
- Swedish Krona
- Singapore Dollar
- Thai Baht
- Turkish Lira
- United States Dollar
- South African Rand
- Amount
- United States Dollar
- Available
- -- United States Dollar