The Australian Securities & Investments Commission (ASIC) reported that the Administrative Review Tribunal has varied a six-year banning order against former United Global Capital (in liquidation) financial adviser Milutin Petrovic down to three years. The order bans Petrovic 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 for three years. Petrovic sought review of ASIC’s original banning decision in January 2025, with the substantive review heard on 30 June and 1–2 July 2025; the Tribunal’s decision to vary the ban was issued on 11 December 2025. The original ban took effect from 15 January 2025, was stayed on an interim basis from 28 February 2025, and resumed on 26 March 2025 when the stay was dissolved. ASIC’s action arose from concerns about conflicted personal advice given by UGC and its representatives, including advice to establish self-managed superannuation funds and invest in highly speculative investments linked to UGC director Joel Hewish, including Global Capital Property Fund Limited.
Australian Securities & Investments Commission 2026-01-23
Australian Securities & Investments Commission six-year ban on former United Global Capital adviser Milutin Petrovic reduced to three years on review
The Australian Securities & Investments Commission (ASIC) announced that the Administrative Review Tribunal has reduced a six-year banning order against former United Global Capital financial adviser Milutin Petrovic to three years, prohibiting him from providing financial services or controlling a financial services business. This decision follows a review of ASIC's original ban due to concerns over conflicted personal advice related to self-managed superannuation funds and speculative investments linked to UGC director Joel Hewish.