ASIC Revokes Pulse Markets’ AFS Licence Over Compliance Failures

Australia’s financial regulator has cancelled the Australian financial services (AFS) licence of Pulse Markets Pty Ltd, citing serious and ongoing breaches of its legal obligations.

The decision, announced by Australian Securities and Investments Commission (ASIC), takes effect from 11 February 2026. ASIC said it found that Pulse Markets failed to meet its duties under section 912A of the Corporations Act 2001, including shortcomings in the supervision of corporate authorised representatives (CARs) operating under its licence.

According to the regulator, these failures increased the risk that representatives would not comply with financial services laws and could expose clients to potential financial loss.

ASIC outlined a range of deficiencies, including the company’s failure to maintain the competence required to provide its authorised services, conduct appropriate due diligence before appointing CARs, and adequately monitor the websites and marketing activities of its representatives. The regulator also found shortcomings in Pulse Markets’ compliance infrastructure, such as inadequate compliance, breach and incident registers, and compliance manuals containing inaccurate information about licence authorisations.

In addition, Pulse Markets was found to lack sufficient resources, including staffing, to provide the services covered by its licence and to carry out proper supervision. ASIC said the firm did not prepare or lodge financial statements for the 2024 and 2025 financial years, failed to obtain a registered company auditor’s opinion on compliance with financial conditions for those years, and did not pay its Industry Funding Levy for the 2023–2024 financial year.

Pulse Markets may seek a review of ASIC’s decision by applying to the Administrative Review Tribunal.

Pulse Markets, based in Queensland, has held AFS licence number 220383 since 7 June 2002. The licence authorised the firm to provide financial product advice, deal in financial products and underwrite securities issues for wholesale clients.