Former United Global Capital (UGC) (in liquidation) financial adviser Milutin Petrovic has had a six year ban varied to three years by the Administrative Review Tribunal.
Mr Petrovic will be banned from providing financial services, performing any function involved in carrying on of a financial services business and controlling an entity that carries on a financial services business for three years.
In January 2025, Mr Petrovic sought a review of a decision to ban him for six years which was made by a delegate of ASIC. The Administrative Review Tribunal heard the matter in June and July 2025. The decision to vary the ban was issued on 11 December 2025.
ART Decision: Petrovic and Australian Securities & Investments Commission ARTA 2717 (11 December 2025).
Background
Mr Petrovic was banned from providing financial services, performing any function involved in carrying on of a financial services business and controlling an entity that carries on a financial services business for six years effective from January 2025 25-185MR.
Mr Petrovic applied to the Administrative Review Tribunal for a review of ASIC's decision. Mr Petrovic also applied for stay and confidentiality orders and that application has been withdrawn. The substantive review application was heard on 30 June and 1 and 2 July 2025.
The banning took effect from 15 January 2025, was stayed on an interim basis on 28 February 2025, and resumed on 26 March 2025 when that stay was dissolved.
The banning arose from Mr Petrovic's role as a financial adviser of UGC. ASIC was concerned that UGC and its representatives gave conflicted personal advice to clients, specifically those advised to establish a self-managed superannuation fund (SMSF) and invest in highly speculative investments related to Joel Hewish (UGC's director). This included a company called Global Capital Property Fund Limited (GCPF).
