Damian McDowell Steps Down as USGFX-UK CEO

by Arnab Shome
  • His appointment as a Director ended on Wednesday.
  • His successor for the role is yet to be named.
london

Damian McDowell has stepped down from the role of Chief Executive Officer at Union Standard International Group Limited, the FCA-regulated arm of the USG Group (previously known as USGFX).

According to a Companies House filing, McDowell’s appointment as a Director of the United Kingdom-based company ended on Wednesday. It means he will no longer remain in the apex management role of the company.

McDowell joined the London-based arm of the brokerage group in July 2021 after Simon Quirke exited the company. The decision behind McDowell’s resignation from the role is not known. Now the company has only Soe Hein Minn as the sole Director.

Minn, a Burmese citizen, is the controlling shareholder of the brokerage group. He was ousted from the Board of the London arm of the broker in October 2020 but rejoined last year in July.

A Controversial Broker

Previously headquartered in Australia and known as USGFX, the broker made headlines as its Aussie operations went into voluntary administration in July 2020. That followed the suspension and cancellation of its Australia Financial Services (AFS) license. The administrators also blamed Minn for not cooperating with the process and took the company into liquidation.

To shed the negative publicity of the FX and CFDs broker, it moved its headquarters from Australia to London and rebranded last year.

Apart from heading the UK operations of the controversial broker, McDowell spent three decades in the financial services industry. Previously, he worked at TIOMarket for about five years, holding two senior roles: CEO and Compliance Oversight, and Money Laundering Reporting Officer.

Moreover, he worked in executive roles at KapSecure Asset Management, Evolution Markets, Schneider Trading Associates, Marex Spectron, ICAP and other financial services firms.

Meanwhile, Finance Magnates reported earlier that Union Standard International Group Limited turned profits in the fiscal year of 2021 with an annual turnover of £1.27 million.

Damian McDowell has stepped down from the role of Chief Executive Officer at Union Standard International Group Limited, the FCA-regulated arm of the USG Group (previously known as USGFX).

According to a Companies House filing, McDowell’s appointment as a Director of the United Kingdom-based company ended on Wednesday. It means he will no longer remain in the apex management role of the company.

McDowell joined the London-based arm of the brokerage group in July 2021 after Simon Quirke exited the company. The decision behind McDowell’s resignation from the role is not known. Now the company has only Soe Hein Minn as the sole Director.

Minn, a Burmese citizen, is the controlling shareholder of the brokerage group. He was ousted from the Board of the London arm of the broker in October 2020 but rejoined last year in July.

A Controversial Broker

Previously headquartered in Australia and known as USGFX, the broker made headlines as its Aussie operations went into voluntary administration in July 2020. That followed the suspension and cancellation of its Australia Financial Services (AFS) license. The administrators also blamed Minn for not cooperating with the process and took the company into liquidation.

To shed the negative publicity of the FX and CFDs broker, it moved its headquarters from Australia to London and rebranded last year.

Apart from heading the UK operations of the controversial broker, McDowell spent three decades in the financial services industry. Previously, he worked at TIOMarket for about five years, holding two senior roles: CEO and Compliance Oversight, and Money Laundering Reporting Officer.

Moreover, he worked in executive roles at KapSecure Asset Management, Evolution Markets, Schneider Trading Associates, Marex Spectron, ICAP and other financial services firms.

Meanwhile, Finance Magnates reported earlier that Union Standard International Group Limited turned profits in the fiscal year of 2021 with an annual turnover of £1.27 million.

About the Author: Arnab Shome
Arnab Shome
  • 6303 Articles
  • 80 Followers
About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6303 Articles
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