media release (19-187MR)

ASIC cancels the licence of Golden Financial Group Pty Ltd


ASIC has cancelled the Australian financial services (AFS) licence of Melbourne based financial services provider, Golden Financial Group Pty Ltd (Golden Financial).

The cancellation follows a period of suspension from 18 March 2019. ASIC was concerned that Golden Financial was not complying with its general licensee obligations. Golden Financial failed to lodge its annual financial reports and did not have membership of an external dispute resolution system.

In response to ASIC’s concerns, Golden Financial advised ASIC that it had ceased its financial services business and requested the cancellation of its AFS licence.


Golden Financial held AFS licence 488915 since 3 April 2008.  The licensee was previously trading as NSG Services Pty Ltd and National Sterling Financial Services Pty Ltd.

ASIC previously took action against NSG Services Pty Ltd for breaches of best interests duty introduced under the Future of Financial Advice (FOFA) reforms (Refer 17-365MR).

Under the Corporations Act, ASIC has the power to suspend or cancel an AFS licence if a licensee does not comply with its general licensee obligations under s912A.

Media enquiries: Contact ASIC Media Unit