FNG Exclusive… Continuing our exclusive coverage of the bankruptcy of Union Standard International Group Pty Ltd, the Australia arm of global Retail FX brokerage brand USGFX, FNG has received an official statement from the group’s FCA-regulated UK unit, Union Standard International Group Limited.
The USGFX-UK statement (see full text below) indicates that London will replace Sydney as the group’s global headquarters. And, that it is very much business-as-usual for USGFX-UK, which was just ramping up operations at the time that the group’s Australia business started having problems. (Note that FNG had reported exclusively back in July that the group was looking for a new CEO to be based in London, to replace longtime USGFX CEO Shay Zakhaim who left concurrent with the Australia bankruptcy filing).
The statement also makes clear that the UK company will continue as the principal “front-of-shirt” sponsor of the Premier League club Sheffield United FC. Sheffield United FC had also made a statement in that regard, back in July.
Also in the statement are excerpts of an email which the company has sent to clients.
Here is the full text of the statement, which we believe will also be released to the general public shortly.
STATEMENT FROM USG UK BOARD OF DIRECTORS
The Board of USG UK are pleased to officially announce that USG Group resolved on 15th August to make USG UK and London the headquarters of their global operations. The USG group had previously maintained it’s headquarters within their Australian division, USGFX Pty, in Sydney.
USGFX Pty entered into voluntary administration on 08/07/2020 and the group have very recently announced the decision to surrender the rights of their ASIC license and close the Australian branch. The group, however, had foreseen the potential risks associated with the regional restriction order from ASIC and have been restructuring their global operations.
The group stated in an e-mail to clients in early September:
‘ With fifteen years of experience, outstanding technology and steady management, Union Standard International Group has been supported and trusted by millions of traders across more than 130 countries.’
‘Until now, we’ve almost completed the restructuring process and reached 97% of account migration rate. We expect to complete account migration by the end of September 2020.’
Simon Quirke , CEO of the FCA authorised USG UK, said:
“We at USG UK are proud to take on the mantle of the headquarters of the USG Group. USG UK remains an independent UK company regulated by the FCA, however, being the group HQ, together with our continuing contract as the principal sponsor of Sheffield United Football Club, very much makes the UK the hub of the USG Group. I am sure that this will reassure investors of our ongoing commitment to offer them a bespoke and personal service under the protection of one of the world’s most respected regulators.”