The Australian Securities & Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Queensland-based Thistle Financial Group Pty Ltd, effective 7 May 2025, after becoming aware the firm had ceased carrying on a financial services business. ASIC cited its power under section 915B of the Corporations Act to suspend or cancel an AFS licence where the licensee stops conducting a financial services business. Thistle Financial Group had held AFS Licence No. 484742 since 22 July 2016 and was authorised to deal and provide financial product advice to retail and wholesale clients. Thistle Financial Group may seek review of ASIC’s decision by the Administrative Review Tribunal.
Australian Securities & Investments Commission 2025-05-13
Australian Securities & Investments Commission cancels Thistle Financial Group’s Australian financial services licence after it ceased business
ASIC has cancelled Thistle Financial Group Pty Ltd's AFS licence, effective 7 May 2025, after the firm ceased operations. Under section 915B of the Corporations Act, ASIC can cancel licences when business stops. Thistle, holding Licence No. 484742 since 2016, was authorised to advise retail and wholesale clients. The firm may seek a review by the Administrative Review Tribunal.