The Australian Securities and Exchange Commission (ASIC) has banned Milutin Petrovic for six years since the provision of financial services, control (alone or in consultation with one or more entities) an entity exercised by a financial services company and the execution of any operation involved in a business.
ASIC found that Mr Petrovic failed key advice obligations when recommended customers to invest their savings in licensed financial products, United Global Capital Pty Ltd (UGC).
Mr Petrovic provided his clients advice on the creation of a self -managed retirement fund (SMSF) and then investing a significant part of the retirement savings in the Global Capital Property Fund Limited (GCPF), a related real estate investment company.
Asic found that Mr Petrovic claimed customers that it only provides limited tips, as they requested “execution only advice”, despite telling customers that they had to act in their interests and provide comparisons with the customer about the individual existing Superranvuity Fund and GCPF. The comparison included the demonstration of customers that it would be so many dollars better by changing the retirement investment.
Mr. Petrovic was found to have:
- did not act with the best interests of his customers
- No advice that was appropriate
- He did not prioritize the interests of his customers before UGC, the interests of his licensee, his interests
- made statements that were likely to be misleading, and
- gave defective advice statements.
The regulatory authority also found that by submitting a host to limit the tips in the way he did, Mr Petrovic provided customers of advice that were defective and therefore dealt with misleading and misleading behavior regarding the action of customer interests and assessments of future GCPs.
Mr Petrovic has applied to the Revision Administrative Court to review the ASIC decision. Mr Petrovic had also applied for residence and confidentiality orders and that the application has been withdrawn. The application for substantive review was heard on June 30 and 1 and 2 July 2025. The decision has been reserved.
The prohibition came into force on January 15, 2025, remained in the midst of February 28, 2025 and reiterated on March 26, 2025 when that stay was dissolved.
UGC customers should consider looking for independent tips (without connection to UGC) in relation to their own conditions.
On June 3, 2024, Asic banned UGC director and the key person/responsible manager Joel Hewish for 10 years and canceled UGC Financial Services license. Mr Hewish called for a review of ASIC’s ruling to ban him in the Administrative Court of Administrative Review. On August 4, 2025, the Administrative Court of Appeal confirmed ASIC’s ruling to ban Mr Hewish for ten years. Mr Hewish may seek to appeal to this decision.
On June 20, 2024, ASIC received temporary orders from the federal court that freezes UGC and GCPF assets.
On July 5, 2024, UGC entered a voluntary administration and on August 9, 2024, UGC creditors decided to complete the company and appoint David Stimpson of SV Partners as a liquidator.
On September 9, 2024, ASIC applied for the appointment of temporary liquidators and for the clearance of the GCPF. On October 3, 2024, the Federal Court made orders to liquidate GCPF and appointed Ross Blakely and Kelly-Anne Trenfield of FTI Consulting as liquidators.
UGC has served as a Melbourne -based Australian financial services operation, which has kept AFS license no. 496179 from August 18, 2017.