Can banks rescind QFF points already issued to your Qantas account?

This is a hypothetical question, resulting from a chat I was having with a fellow traveller.

While Qantas themselves can obviously adjust your points balance, we pondered if banks (and other third-party points providers) had the ability to request or insist that Qantas revoke / claw back QFF points already issued to your Qantas account?

We discussed whether this could be, for example, as a result of an issuance error on their side, a punitive measure for breaching T&C's, or some other discretionary adjustment.

Curious to know if anybody has any insight, as we'd like to settle the debate!

Yes, points transactions can be reversed. Obviously, third parties can't ask QFF to suspend your QFF account or cancel all your points, but a company does have the ability to reverse points credited from them in error, among other reasons.

I've seen it myself, where Everyday Rewards accidentally processed the same points transaction twice (resulting in receiving twice as many points as intended). Within a day or two, the extra points had been reversed as a negative entry on my QFF account.

I've had situations where I've been refunded for flights (thanks COVID) and purchases and my QFF balance with the card provider has gone into deep -ve because of bonus points associated with QF purchases.
After going into -ve, the value comes back +ve as I make new purchases and then begin crediting to my account again.
But when I went -ve the credit card provider didn't take points out of my QFF account.
I think they would only do that if I cancelled my card account.