USGFX UK CEO Simon Quirke Leaves the Company

Simon Quirke has reportedly quit his role as CEO of Union Standard International Group Limited, the London-based and FCA-regulated branch of the retail Forex group, USGFX. According to FXNewsGroup, Soe Hein Min, the USG Group Controlling Shareholder, will be the sole director of the UK company after Quirkes departure who had been in the company since 2018.

Prior to his role at Union Standard International Group Limited, Quirke worked at Credit Suisse, Lehman Brothers, Lionhart, Iridium Asset Management, India Infoline Group and Miura Development. Additionally, the executive worked as Compliance Officer for ADA FX in London and earned a degree at the University of the West of England. He holds several Chartered Institute for Securities & Investment (CISI) Level 3 Certifications.

There are no details on which led to Quirkes departure from the company. However, it is known that USGFX has been under a rebranding process to distance itself from USGFX Australia, which is already in bankruptcy.

The media outlet noted that the saga with the Australian company made it difficult for Quirke and Union Standard International Group Limited to run their operations with the same name. Currently, the USG Group Controlling Shareholder resides in Myanmar who is also reportedly in contempt of a court in Australia due to his refusal to cooperate with the local liquidators.

USGFX Director Banned by the ASIC

Early this month, John Carlton Martin, Director and a former Manager of the Union Standard International Group Pty Ltd, has been banned from providing financial services for ten years by the Australian financial markets regulator. Additionally, he is disqualified from managing any corporation for five years.

He failed to take the necessary steps to ensure that the licensed financial services provided by the company were efficient, honest and fair. Additionally, he could not ensure that TradeFred and EuropeFX, two former corporate authorized representatives operating under USGFXs license, complied with the financial services laws.