The Australian Financial Complaints Authority (AFCA) has published updated details of member expulsions, confirming that six members have been expelled and that United Global Capital Pty Ltd (in liquidation) is scheduled to be expelled. The expulsions follow resolutions of the AFCA Board of Directors made on 1 April 2025 and are based on section 3.4(a) of the AFCA Constitution, on the basis that the member has ceased to be duly authorised, licensed, or to carry on business in the industry. AFCA also reiterated that membership is intended to ensure financial firms and Authorised Credit Representatives meet legal obligations when operating as an Australian Financial Services Licensee, Australian Credit Licensee, superannuation trustee or an ACR, and encouraged any expelled member still legally required to be an AFCA member to discuss reinstatement. United Global Capital’s expulsion is set to take effect on 31 May 2025 at 5pm Australian Eastern Standard Time.
Australian Financial Complaints Authority 2025-04-03
Australian Financial Complaints Authority expels six members and schedules United Global Capital expulsion for 31 May 2025
The Australian Financial Complaints Authority (AFCA) announced the expulsion of six members, including United Global Capital Pty Ltd, effective 31 May 2025, due to non-compliance with section 3.4(a) of the AFCA Constitution. AFCA emphasized that membership ensures compliance with legal obligations for financial firms and encouraged expelled members still legally required to be members to seek reinstatement.