The Board of the Australian Financial Complaints Authority (AFCA) resolved at its April meeting to expel United Global Capital Pty Ltd (UGC) as a member of the AFCA external dispute resolution scheme, with effect from 5pm AEST on 31 May 2025.

From that time, AFCA will not be able to accept any new complaints about UGC. This is because AFCA can only accept complaints about firms that are current members of the AFCA scheme.

The expulsion of UGC will not prevent AFCA from considering and finalising complaints received before that time.

Complaints must be completed and formally submitted in full by 5pm AEST on 31 May for AFCA to consider them. AFCA will not be able to accept complaints that have been partly completed, or those that are received after the deadline.

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

ASIC also made certain interim stop orders and registered its cancellation of UGC’s Australian Financial Services Licence. In cancelling UGC’s licence, ASIC required it to remain a member of the AFCA scheme until at least 31 May 2025.

On 5 July 2024, UGC was placed into voluntary administration, and on 9 August 2024, UGC entered liquidation. On 3 October 2024, the Federal Court ordered the wind up of GCPF on just and equitable grounds and appointed liquidators.