The corporate regulator has suspended the Australian financial services licence of Union Standard International Group.
The Sydney-based retail over-the-counter derivatives issuer operating as USGFX is suspended until September 23 under 915B of the Corporations Act 200 because it is under external administration.
A spokesperson for the company said the administration was due to the actions of the Australian Securities and Investments Commission
"These actions have deeply harmed the USGFX brand and continue to consume excessive time and resources, despite no substantial allegations against USGFX being brought to court by ASIC since last December."
|Sponsored by Insight Investment|
Towards a perfect currency solution
Andrew Cummins and Peter Krejci of BRI Ferrier were appointed as administrators of Union Standard on July 8.
Despite ASIC suspending the licence, the administrators are still able to conduct necessary activities under the licence throughout the suspension period.
This includes a dispute resolution scheme, arrangements for compensating retail clients, to hold professional indemnity insurance and to allow the termination of existing arrangements with current clients of Union Standard.
At this stage no new accounts, deposits, withdrawals or positions will be taken.
Union Standard held AFS license 302792 and may apply to the Administrative Appeals Tribunal for a review of the decision.