Union Standard operates under the brand USGFX. The licence was suspended in July after the group entered external administration, a move the company said was forced by ASIC intervention.
“This move has largely been forced by the actions of the Australian Securities and Investments Commission (ASIC),” Union Standard said in a press release in July.
“These actions have deeply harmed the USGFX brand and continue to consume excessive time and resources, despite no substantial allegations against USGFX being brought to court by ASIC since last December.”
Union Standard has 28 days to apply to the Administrative Appeals Tribunal for a review.
Andrew Cummins and Peter Krejci of BRI Ferrier (NSW) were appointed as liquidators of Union Standard on 3 September 2020. ASIC has used its powers to allow the liquidators to conduct “certain necessary activities” under the licence until 18 December 2020, including putting a dispute resolution scheme in place and making arrangements to compensate retail clients.
