On May 13, 2025, the Australian Securities and Investments Commission (ASIC) officially announced the immediate revocation of the Australian Financial Services (AFS) Licence held by Thistle Financial Group Pty Ltd, with the decision effective retroactively to May 7 of the same month.
This administrative action was taken after the regulatory body verified that the company had ceased its financial services operations, leading to the cancellation of its license in accordance with Section 915B of the Corporations Act 2001.
Thistle Financial Group obtained its AFS authorization on June 22, 2016, and had been providing financial product advisory services to both retail and institutional investors. Its Australian Company Number (ACN) is 610 316 053.
ASIC emphasized that such license revocation procedures are applied only when it is confirmed that a business has ceased operations and is no longer providing financial services, a measure intended to maintain market integrity and protect investor interests.
Under regulatory provisions, the company has the right to appeal the decision by applying to the Administrative Appeals Tribunal (AAT) for a review.
In recent years, ASIC has been intensifying its regulatory oversight of the financial industry, taking administrative actions such as suspending or revoking licenses for firms that fail to meet their statutory obligations, breach license conditions, or cease operations.
Such regulatory actions reflect the stringent requirements for legal compliance and underscore the core principles of market transparency and consumer protection.
As a cashback information platform focused on protecting consumer interests, Cashback Island reminds users to always verify the compliance and reputation of a financial institution before selecting its services.
Cashback Island continues to provide transparent information and consumer feedback solutions for its partner brokers, assisting users in carrying out their financial planning in a secure environment.
