The Australian Securities & Investments Commission (ASIC) reported that the Administrative Review Tribunal has upheld ASIC’s decision to ban United Global Capital Pty Ltd (in liquidation) director Joel James Hewish for 10 years from providing financial services, performing any function involved in carrying on a financial services business, and controlling an entity that carries on a financial services business. Hewish had sought review of ASIC’s delegate decision of 31 May 2024, with the Tribunal’s outcome handed down on 4 August 2025 following hearings in March and June 2025. The ban arose from Hewish’s role as UGC’s sole director, responsible manager and key person on its Australian financial services licence. ASIC also referenced earlier intervention and court actions involving UGC and related entity Global Capital Property Fund Limited (an authorised representative of UGC from March 2020), including interim stop orders in July, August and September 2022 affecting GCPF share offers and Federal Court asset-freezing orders over UGC and GCPF in June 2024; UGC later entered voluntary administration in July 2024 and was wound up in August 2024, while GCPF was ordered to be wound up in October 2024. Hewish may appeal to the Federal Court or seek a referral from the Tribunal President to the Tribunal’s Guidance and Appeals panel. ASIC’s investigation into the conduct of UGC, Hewish and related entities is continuing.
Australian Securities & Investments Commission 2025-08-12
Administrative Review Tribunal upholds Australian Securities & Investments Commission 10-year ban on United Global Capital director Joel Hewish
The Administrative Review Tribunal upheld ASIC's decision to ban Joel James Hewish, director of United Global Capital Pty Ltd, from financial services for 10 years. This follows Hewish's appeal against ASIC's May 2024 ruling. Hewish may appeal to the Federal Court, and ASIC's investigation continues.