AFCA reinstates United Global until March

In an update on 25 September, the organisation said UGC’s membership will now be in place until 31 March 2026.

This will allow affected consumers to continue to make complaints and potentially receive compensation from the Compensation Scheme of Last Resort (CSLR).

UGC’s membership had previously ceased in 31 May 2025 which meant it was unable to accept new complaints.

AFCA also listed a number of investment platform providers and superannuation trustees as having connections to the Shield Master Fund and First Guardian Master Fund.

The firms, who are all active members of AFCA, are:

• YourChoice Super (investment platform provider), Diversa Trustees Limited (superannuation trustee)

   

   

• Australian Practical Superannuation (investment platform provider), Diversa Trustees Limited (superannuation trustee)

• Praemium Super (investment platform provider), Diversa Trustees Limited (superannuation trustee)

• Netwealth Superannuation (investment platform provider), Netwealth Superannuation Services Pty Ltd (superannuation trustee)

• NQ Super / Freedom of Choice (investment platform provider), Equity Trustees Superannuation Limited (superannuation trustee)

• Macquarie Wrap (investment platform provider), Macquarie Investment Management Ltd (superannuation trustee)

• Super Simplifier (investment platform provider), Equity Trustees Superannuation Limited (superannuation trustee)

In June 2024, ASIC obtained interim asset-freezing orders against UGC and related property development investment company Global Capital Property Fund Limited (GCPF) in the Federal Court.

On 31 July 2024, ASIC announced that it had cancelled UGC’s Australian Financial Services Licence (AFSL), as well as banning director Joel Hewish for 10 years. In cancelling UGC’s licence, ASIC required it to remain a member of the AFCA scheme until at least 31 May 2025.