On Friday, September 11th, USG UK’s board has announced that it will move company headquarters to London. The decision to move the base of global operations came soon after USGFX in Australia faced liquidation. USGFX, or Union Standard International Group Pty Limited, received an order from Australia’s Federal Court to enter liquidation. BRI Ferrier Pty Ltd will remain as liquidator. The firm was the broker’s administrator prior.
On July 8th, 2020, USGFX voluntarily went into administration. Following the event, the CEO of the Australian branch resigned while ASIC terminated the broker’s license. As early as August, the firm’s board mentioned moving to London as an option. The FCA regulates the UK branch and has been doing so since 2018. CEO Simon Quirke leads the section.
The board found it quite important to emphasize that the UK entity is and will remain separate from the Australian one. Mr. Quirke also released a few comments regarding the change. He opened by saying it is an honor for USG UK to receive the status of the firm’s main headquarters. Next, he went on to reaffirm the statement that USGFX and USG UK are separate. Next, the CEO mentioned a sponsorship that the firm secured with Sheffield United as an important achievement.
He didn’t directly mention the trouble and eventual downfall of USGFX. However, he did state a few things that could be understood as improvements he intends to make at USG UK over the previous HQ. He noted FCA as a vital part of operations, stating how glad he is to be covered by one of the world’s strictest regulators. On top of that, he added that he’s near certain that the company will assure investors of its commitment to provide the best service.
The firm decided to move on August 15th but waited until this Friday to publish the information.