USGFX Begins Operations in South Africa With FSCA License


The now-bankrupt forex broker Union Standard International Group PTY LTD (USGFX) has received permission from the FSCA regulator to operate in South Africa.

October 26, 2020 | AtoZ Markets – Having lost its Australian license, the troubled forex broker Union Standard International Group Pty Ltd, better known as USGFX, starts operation in South Africa. The South African regulator, the Financial Sector Oversight Authority (FSCA), has also issued a license to the company in the form of license number 49854.

USGFX hires Elisha Lurie to head its new South Africa operation

Moreover, Ms. S.L. Schumann is now USGFX Chief Compliance Officer. USGFX has also hired Elisha Lurie to head the new South African office. Elisha has local experience in asset management. Until now, she worked for Iza Capital Partners, licensed in South Africa and Mauritius.

Recall that the management of the international forex broker USG officially announced in September this year that after the liquidation of USGFX in Australia, the group’s head office will now be located in London. Thus, the headquarters moved from Australia following the closure of USGFX.

AtoZ Markets previously reported that the Australian Federal Court ruled to liquidate Union Standard International Group Pty Limited. Recall that the company agreed to bankruptcy proceedings on July 8, 2020. After that, the director of the Australian broker resigned, and the ASIC’s Securities and Investment Commission suspended the company’s license.

Related: USGFX Owner Hein Min Soe Resigns as Director of UK Company

In an August statement, the USG Group Board of Directors announced the decision to move its headquarters to London, where USG UK is located, licensed by the UK Financial Conduct Authority (FCA). The company is run by Simon Quirk. The Board stressed at the time that its operations in Australia and the UK are independent.

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