USGFX UK distanced itself from the bankrupt USGFX Australia after the entity lost its FCA license.
The operations of Union Standard International Group Limited or USGFX based in the United Kingdom have lost its FCA license and authority, which was canceled on December 16, 2022. The company can no longer provide regulated activities and products due to the consequences.
The CFD broker is also required to display on all websites a notice of such size and prominence that all website viewers will inevitably see that the FCA no longer authorizes it.
The website (https://www.usgfx.co.uk/), however, still contains outdated information Union Standard International Group Limited is authorized and regulated by the Financial Conduct Authority under FCA Registration Number 798776.
The FCA's page about USGFX UK further states: "Some activity by this company may not be protected. This firm is shown on the Register because it is now, or was previously, approved by the FCA (or relevant regulatory body). As a result, you may be able to complain about this firm to the Financial Ombudsman Service. If this firm goes out of business owing you the money you may be able to claim compensation from the Financial Services Compensation Scheme (FSCS). However, this is not always the case and these organizations may not cover some of this firm's activities. If you would like to check what is and what is not covered, you can ask this firm to confirm this for you in writing. There is more information on the Financial Ombudsman Service website open in a new window and the FSCS's website opens in a new window about the kind of complaints and claims they can help with. The final decision on whether or not they will consider any complaint or claim is for the Financial Ombudsman Service or the FSCS."
Before the firm got its license revoked, Damian McDowell, CEO of FCA-regulated USGFX operations, resigned after 15 months last November. As the controlling shareholder, Soe Hein Min became the UK company's sole director afterward.
Currently, USGFX UK is distancing itself from USGFX Australia, which has gone bankrupt for the sake of the rebranding process. The company is in dire financial straits and has a significant client cash shortage of more than $348 million.