The Board of Union Standard International Group Holdings (USG) would like to assure clients worldwide that they remain totally committed to delivering a first class, fully regulated service to investors globally.
Union Standard International Group PTY (USGFX) announced on 8th July 2020 that Peter Krejci and Andrew Cummins of BRI Ferrier had been appointed as Voluntary Administrators. The reason for this is that it had become increasingly apparent that the USGFX's business model did not suit the ever evolving and increasingly restrictive trading environment under ASIC. USG are not alone here as since June 2019 over 10 ASIC regulated brokers have moved to a different Regulator.
USG, along with many other financial services groups with ASIC regulated divisions, have diversified the international scope of their offering whilst maintaining adherence to the highest levels of compliance. This means that USG customers have a number of options open to them to ensure that their trading is uninterrupted:
USG UK achieved authorisation from the Financial Conduct Authority (FCA) in the UK in November of 2018 and under their CEO, Simon Quirke, continues to offer clients a bespoke and personal service under the protections of one of the world's most respected regulators.
USG Vanuatu was granted authorisation by the Vanuatu Financial Services Commission (VFSC) earlier this year under company license number 41706. The Vanuatu operation is managed directly by USG Group and the Company has been welcoming clients migrated from USGFX
USG Cyprus is at the final stages of its application for authorisation under the Cyprus Securities and Exchange Commission (CySEC). Unfortunately, the COVID 19 pandemic has hindered the onsite visits required for the granting of the license but the USG Group is hopeful that this will be resolved shortly. In addition, USG satellite offices located in Hong Kong, South Africa and elsewhere are operating as usual to assist our large base of enthusiastic traders.
USG is proud to be able to offer their services from numerous locations around the world but would like to stress that, although each of these divisions are part of the same group, they exist, operate and are regulated independently of each other.
The Board would also like to confirm the resignation of the USGFX and Group CEO Shay Zakhaim. His role as CEO of USGFX has been terminated and the USG Board will shortly announce the appointment of interim Group CEO. The headquarters of the Group will also now be moved from Sydney to London.
USG would also like to confirm that they have reaffirmed their commitment to SUFC and look forward to supporting the Blades as they strive for even greater success next season.
In conclusion, the USG Board would like to reiterate that the problems associated with their Australian division, USGFX, have no significant impact on their other, independent, divisions which continue to operate with the full support of the Group.
Board of USG Group