The regulator found that Petrovic asserted to clients that he was only providing limited advice as they sought “execution only advice”, despite telling clients he was required to act in their best interests and providing comparisons to the client regarding their individual existing superannuation fund/s and the recommended SMSF and GCPF investment.

The comparison included demonstrating to clients that they would be so many dollars better off by switching their superannuation investment.

Petrovic was found to have:

· Not acted in his clients’ best interests.

· Not provided appropriate advice.

· Not prioritised his clients’ interests ahead of UGC.

· Made statements that were likely to be misleading.

· Gave defective statements of advice.

ASIC also found that by purporting to limit the advice in the manner he did, Petrovic provided clients with statements of advice that were defective and therefore engaged in misleading and deceptive conduct regarding acting in clients’ best interests and estimates of future return representations of GCPF.

Petrovic has applied to the Administrative Review Tribunal for a review of ASIC’s decision. He had also applied for stay and confidentiality orders, and that application has been withdrawn. The substantive review application was heard on 30 June and 1 and 2 July 2025. The decision has been reserved.

The ban took effect from 15 January 2025, was stayed on an interim basis on 28 February 2025, and resumed on 26 March 2025 when that stay was dissolved.

On 3 June 2024, ASIC banned UGC’s director and key person/responsible manager, Joel Hewish, for 10 years and cancelled UGC’s AFSL. Hewish sought a review of ASIC’s decision to ban him from the ART. On 4 August 2025, the tribunal upheld ASIC’s decision to ban Hewish for 10 years. He may seek to appeal that decision.

On 20 June 2024, ASIC obtained interim orders from the Federal Court freezing the assets of UGC and GCPF.

On 5 July 2024, UGC entered into voluntary administration and on 9 August 2024, UGC’s creditors resolved to wind up the company and appoint David Stimpson of SV Partners as liquidator.

On 9 September 2024, ASIC applied to appoint provisional liquidators and to wind up GCPF. On 3 October 2024, the Federal Court made orders to wind up GCPF and appoint Ross Blakely and Kelly-Anne Trenfield of FTI Consulting as liquidators.

UGC operated as an Australian financial services business based in Melbourne, which held AFS licence no. 496179 since 18 August 2017.

Hewish became a director of UGC on 8 November 2011 and had been the key person on the licence since 18 August 2017.

He was an authorised representative of UGC from 21 August 2017 to 26 July 2024.

ASIC made interim stop orders on 5 and 21 July 2022, respectively, preventing the offer of shares under GCPF’s prospectus, as well as further interim stop orders on 29 August and 13 September 2022, respectively, preventing the issue of shares due to a deficient target market determination.