AFCA has expelled United Global Capital, effective May 31, 2025, preventing the acceptance of new complaints against it.
AFCA has expelled United Global Capital, effective May 31, 2025, preventing the acceptance of new complaints against it.
The Australian Financial Complaints Authority (AFCA) has expelled United Global Capital Pty Ltd (UGC) from its external dispute resolution scheme. This decision will take effect at 5 PM AEST on May 31, 2025. Consequently, AFCA will no longer accept any new complaints regarding UGC after this date, as the authority can only consider issues involving current members of its scheme. Nevertheless, AFCA will continue to address complaints received before the expulsion takes effect.
To ensure consideration, all complaints must be fully completed and formally submitted by the 5 PM AEST deadline on May 31. Importantly, AFCA will not entertain partially completed complaints or any submissions received after this deadline. This expulsion comes in the wake of serious actions taken by the Australian Securities and Investments Commission (ASIC) in June 2024, when it secured interim Federal Court asset-freezing orders against UGC and its related entity, Global Capital Property Fund Limited (GCPF).
In addition, ASIC issued interim stop orders and cancelled UGC’s Australian Financial Services Licence, requiring it to remain part of the AFCA scheme until at least May 31, 2025. On July 5, 2024, UGC entered voluntary administration, marking a significant shift in its operations.
By August 9, UGC had officially entered liquidation. Following these developments, the Federal Court ordered the winding up of GCPF on October 3, 2024, citing just and equitable grounds, and appointed liquidators to oversee the process.
As the deadline approaches for UGC’s expulsion from the AFCA scheme, stakeholders remain vigilant about the implications for existing complaints. While AFCA’s ability to resolve complaints against UGC will soon diminish, the authority emphasizes its commitment to handling all matters submitted before the cut-off date. This decision reflects AFCA’s ongoing effort to maintain a transparent and effective dispute resolution process for financial services consumers.
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