The Administrative Review Tribunal has upheld ASIC’s 10‑year ban on United Global Capital director Joel James Hewish.
The ban prevents him from providing financial services. It also stops him from performing any function in a financial services business or controlling an entity that carries one on.
Mr Hewish sought a review in June 2024. Hearings were held in March and June 2025. The tribunal handed down its decision on 4 August 2025.
He may appeal to the Federal Court. He can also seek a referral to the tribunal’s Guidance and Appeals panel.
ASIC’s investigation into UGC, Mr Hewish and related entities is continuing.
The ban took effect in June 2024. It arose from his role as the sole director of UGC. He was also the responsible manager and key person on the licence.
UGC was based in Melbourne and held AFS licence 496179 from 18 August 2017. It provided financial advice and other services to clients across Australia.
Global Capital Property Fund Limited was an authorised representative of UGC from 25 March 2020.
ASIC issued interim stop orders in July and September 2022. The orders halted offers and issues of shares to retail investors due to a deficient target market determination.
On 20 June 2024, the Federal Court froze the assets of UGC and GCPF.
UGC entered voluntary administration on 5 July 2024. Creditors resolved to wind it up on 9 August 2024 and appointed David Stimpson of SV Partners as liquidator.
In September 2024, ASIC applied to wind up GCPF. On 3 October 2024, the Federal Court ordered GCPF be wound up and appointed Ross Blakely and Kelly‑Anne Trenfield of FTI Consulting as liquidators.
ASIC has warned consumers about high‑pressure sales tactics and online advertising that can prompt inappropriate superannuation switching. The regulator says targeting cold‑calling super switching models is a cross‑sector priority.
