The Board of USG UK officially announced this Friday that USG Group has resolved to make USG UK and London the headquarters of the Group’s global operations, following the liquidation of USGFX in Australia.
The decision was made on 15th August. However, USG UK has only officially announced the change today. The headquarters will be moved from Australia, following the demise of USGFX.
USGFX Enters into Liquidation
As Finance Magnates reported, the Federal Court of Australia ordered Union Standard International Group Pty Limited (USGFX) earlier this month to enter into liquidation, with BRI Ferrier (NSW) Pty Ltd, which was formerly the administrator for the broker, to remain on as liquidator.
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USGFX entered into voluntary administration on 8th July 2020. Following on from this, the CEO of the Australian entity stepped down and local regulator, the Australian Securities and Investments Commission (ASIC) suspended the company’s licence.
In its statement back in August, the Board of USG Group said that it has decided to move its headquarters to London, as USG UK is regulated by the Financial Conduct Authority (FCA) since 2018, under CEO, Simon Quirke. The Board made sure to highlight that its Australian operations and UK operations are independent.
USG UK Remains Independent from Australian Entity
Commenting on the change, Simon Quirke, CEO of the FCA authorised USG UK, said in the statement today: “We at USG UK are proud to take on the mantle of the headquarters of the USG Group. USG UK remains an independent UK company regulated by the FCA, however, being the group HQ, together with our continuing contract as the principal sponsor of Sheffield United Football Club, very much makes the UK the hub of the USG Group.
“I am sure that this will reassure investors of our ongoing commitment to offer them a bespoke and personal service under the protection of one of the world’s most respected regulators.”