ASIC slaps AFSL cancellation on Qld firm
ASIC has cancelled the Australian Financial Services Licence (AFSL) of a Queensland-based financial services provider.
Thistle Financial Group Pty Ltd saw its licence cancelled, effective from 7 May 2025, after the corporate regulator became aware that it had stopped operating a financial services business.
The Queensland-based firm held its AFSL since 22 July 2016. It was authorised to carry on a financial services business to deal and provide financial product advice to both retail and wholesale clients, ASIC stated.
“The AFS licence was cancelled after ASIC became aware that Thistle Financial Group had ceased to carry on a financial services business. ASIC may suspend or cancel an AFS licence if the licensee ceases to carry on a financial services business under section 915B of the Corporations Act,” it said.
Thistle Financial Group has the right to appeal to the Administrative Review Tribunal for a review of ASIC's decision, the regulator also stated.
Last month, ASIC similarly suspended the AFSL of Melbourne-based financial advice firm Beacon Wealth until 7 April 2026 as the firm ceased to carry on a financial services business.
The regulator said ownership and control of the licensee changed when the firm’s directors were replaced and 100 per cent of the shares in the licensee were sold to a new owner. Since that time, the new owners have not been carrying on a financial services business, ASIC said.
It also found the AFS licensees’ responsible managers and key person no longer had any involvement with the licensee.
“Beacon Wealth has indicated that it wishes to commence a financial services business under the AFS licence, however it will need to obtain approvals from ASIC in order to do so.”
AUTHOR
Jasmine Siljic
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
