Regulatory Alerts2025-09-01
ASIC bans former United Global Capital adviser Milutin Petrovic for 6 years
The Australian Securities and Investments Commission has banned former financial adviser Milutin Petrovic for six years after he failed to act in his clients' best interests regarding retirement savings investments. ASIC found that Petrovic provided defective advice and engaged in misleading conduct by recommending clients switch to a self-managed superannuation fund and invest in a related property company now in liquidation. The ban took effect in January 2025, though Petrovic has applied for a review of the decision which is currently pending.
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