The Australian Securities and Investments Commission (ASIC) has cancelled the Australian financial services (AFS) licence of Queensland-based Thistle Financial Group Pty Ltd, effective May 7.
The decision was made under section 915B(3)(a) of the Corporations Act 2001, which allows ASIC to suspend or cancel a licence held by a body corporate if it ceases to carry on a financial services business. ASIC issued a written notice to the company in accordance with the statutory requirement.
Thistle Financial Group had held AFS licence number 484742 since July 22, 2016. The licence authorised the firm to deal in financial products and provide financial product advice to both retail and wholesale clients.
According to the company's website, Thistle operated as a financial services packager, working with intermediaries and introducers to source specialist finance products. The company held agency agreements with lending institutions in the UK. It supported clients from initial enquiry through to transaction completion.
ASIC's action follows the regulator’s mandate to oversee the integrity of the licensed financial services sector. Under section 915B, cancellation of a licence may occur not only if a business ceases operations but also under other conditions such as insolvency, serious fraud convictions, failure to pay levies under the ASIC Supervisory Cost Recovery Levy Act 2017, or non-compliance with decisions of the Australian Financial Complaints Authority (AFCA).
In this instance, the regulatory action was based solely on cessation of business activity, with no additional breaches cited.
Thistle Financial Group retains the right to seek a review of ASIC's decision by applying to the Administrative Appeals Tribunal. No announcement has been made regarding a potential appeal.
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