ASIC Bans Joel James Hewish for 10 Years
The Australian Securities and Investments Commission (ASIC) has banned Joel James Hewish from financial services for 10 years. This prohibits him from providing financial services, engaging in any activities related to operating a financial services business, or controlling any entity involved in such activities.
In addition to the ban, Mr Joel Hewish’s company, United Global Capital Pty Ltd’s (UGC) has had its Australian financial services (AFS) licence revoked. ASIC’s investigation uncovered that UGC’s authorised representatives approached potential clients, advising them to set up self-managed superannuation funds (SMSFs), transfer their existing superannuation into these funds, and invest in products that have been linked to Mr Joel Hewish.
UGC was based in Melbourne, and operated as an Australian financial services business holding the AFS licence no. 496179 since August 18th 2017. Mr Joel James Hewish became a director of UGC on the 8th of November 2011, and has been an authorised representative of UGC since the 21st of August 2017. He served as the key person on UGC’s AFS licence from the 18th of August, 2017. Global Capital Property Fund Limited (GCPF), a related property investment firm, has also been an authorised representative of UGC since 25 March 2020.
ASIC’s decision to ban Mr. Hewish was based on the following findings that he:
“was involved in UGC’s conduct as its responsible manager and key person under the licence,
demonstrated a fundamental lack of competence, and a cavalier attitude to his management of UGC and the importance of complying with financial services laws,
created a culture of non-compliance and incompetence at UGC, and
cannot be trusted to comply with financial services laws.”
(as listed in ASIC Media Release 24-170MR)
ASIC’s decision to cancel UGC’s AFS licence stemmed from the following findings:
“used a client onboarding process that lured people into investing their retirement savings in UGC-related products by having calls made to prospective clients using details including those obtained from a third-party website operator, offering them a free superannuation ‘health check’,
through its authorised representatives, recommended investments to clients that included speculative investments in Global Capital Property Fund Limited in which Mr Hewish had an interest,
attempted to contract out of its personal advice obligations whereas its representatives did give personal advice to clients in breach of those obligations, including by failing to act in clients’ best interests and giving them inappropriate advice, and
contravened a number of its general obligations as an AFS licensee including the obligation to do all things necessary to ensure the financial services authorised under its licence are provided efficiently, honestly and fairly; the obligation to take reasonable steps to ensure its representatives comply with financial services laws, and the obligation to have adequate arrangements in place to manage conflicts of interest.”
(as listed in ASIC Media Release 24-170MR)
Both Mr. Hewish and UGC have appealed the decision to the Administrative Appeals Tribunal (AAT).
ASIC’s decision to revoke UGC’s licence and ban Mr. Hewish was issued on June 3rd 2024. However, the publication of the decision was delayed due to interim orders obtained by UGC and Mr Joel Hewish in the AAT, which were lifted on the 25th of July 2024.
United Global Capital Pty Ltd (UGC) entered voluntary administration on the 5th of July 2024. David Stimpson and Hugh Armenis of SV Partners have been appointed as voluntary administrators.
Mr Joel Hewish’s ban is now listed on ASIC’s banned and disqualified register.
This information is based on the ASIC Media Release (24-170MR) released on the 31st of July 2024 and is true at the time of publishing.
