The Administrative Review Tribunal has upheld ASIC's decision to ban United Global Capital (UGC) (in liquidation) director Joel James Hewish for 10 years 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.
In June 2024, Mr Hewish sought a review of a decision made by a delegate of ASIC on 31 May 2024. The hearing took place in the Administrative Review Tribunal in March and June 2025, with the outcome handed down on 4 August 2025.
Mr Hewish may seek an appeal in the Federal Court or seek a referral from the President of the Tribunal to the Tribunal's Guidance and Appeals panel.
ASIC's investigation into the conduct of UGC, Mr Hewish and related entities is continuing.
Background
Mr Hewish 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 ten years effective from June 2024.The banning arose from his role as the sole director of UGC. He was also UGC's responsible manager and key person on the licence (see 24-170MR).
UGC was based in Melbourne and held Australian financial services (AFS) licence no. 496179 since 18 August 2017. It provided financial services including financial advice to clients across Australia.
Related property investment company, Global Capital Property Fund Limited (GCPF) was an authorised representative of UGC from 25 March 2020.
ASIC made interim stop orders on 5 and 21 July 2022 preventing the offer of shares to retail investors under GCPF's prospectus as well as further interim stop orders on 29 August and 13 September 2022 preventing the issue of shares due to a deficient target market determination (23-002MR).
On 20 June 2024, ASIC obtained interim orders from the Federal Court freezing the assets of UGC and GCPF (24-135MR).
On 5 July 2024, UGC entered voluntary administration and on 9 August 2024 UGC's creditors resolved to wind-up UGC and appoint David Stimpson of SV Partners as liquidator.
In September 2024, ASIC applied to the Federal Court for orders to appoint provisional liquidators to GCPF and to wind-up GCPF. On 3 October 2024, the Federal Court made orders for Global Capital Property Fund (GCPF) to be wound up on just and equitable grounds, appointing Ross Blakely and Kelly-Anne Trenfield of FTI Consulting as liquidators (24-221MR).
ASIC has issued warnings to consumers to be wary of high pressure sales tactics and online advertisements to lure consumers into receiving inappropriate superannuation switching advice (24-092MR).
It is an ASIC cross-sector priority to deter cold calling superannuation switching business models. This priority has the broader aim of protecting consumers from cold calling practices that induce inappropriate superannuation switching and result in the erosion of members' superannuation balances.
View more information on United Global Capital Pty Ltd (in liquidation).
