ASIC bans adviser for 6 years over UGC advice | Australian Markets

(*6*)

Yet one other financial adviser has been banned by the Australian Securities and Investments Commission (ASIC) associated to the United Global Capital Pty fund.

ASIC mentioned it had banned Milutin Petrovic for six years from offering financial providers, controlling an entity that carries on a financial providers business and performing any perform concerned within the carrying on a financial providers business.

He is interesting to the Administrative Appeals Tribunal.

ASIC discovered that Petrovic failed key advice obligations when recommending shoppers to invest their retirement financial savings into financial merchandise associated to his licensee, United Global Capital Pty Ltd (UGC).

It mentioned Petrovic supplied advice to his shoppers which concerned setting up a self-managed superannuation fund (SMSF) after which investing a good portion of their retirement financial savings within the Global Capital Property Fund Limited (GCPF), a associated property investment company now in liquidation.

ASIC discovered that Petrovic asserted to shoppers that he was solely offering restricted advice as they sought ‘execution only advice’, regardless of telling shoppers he was required to behave of their best pursuits and offering comparisons to the consumer relating to their particular person present superannuation fund/s and the advisable SMSF and GCPF investment. The comparability included demonstrating to shoppers that they’d be so many {dollars} higher off by switching superannuation investment.

Petrovic was discovered to have:

• not acted in his shoppers’ best pursuits
• not supplied advice that was acceptable
• not prioritised his shoppers’ pursuits forward of UGC, his licensee’s, pursuits
• made statements that have been more likely to be deceptive, and
• gave faulty Statements of Advice.

ASIC additionally discovered that by purporting to restrict the advice within the method he did, Petrovic supplied shoppers with Statements of Advice that have been faulty and subsequently engaged in deceptive and misleading conduct relating to performing in shoppers’ best pursuits and estimates of future return representations of GCPF.

Petrovic has utilized to the Administrative Review Tribunal for a review of ASIC’s determination. Petrovic had additionally utilized for keep and confidentiality orders and that software has been withdrawn. The substantive review software was heard on 30 June and 1 and a couple of July 2025. The determination has been reserved.

The banning took impact from 15 January 2025, was stayed on an interim foundation on 28 February 2025, and resumed on 26 March 2025 when that keep was dissolved.