Financial planner banned

The Australian Securities and Investments Commission has cancelled the financial services and credit licences of an investment advisory firm which had offices throughout Australia.

In a statement today, the commission said it had cancelled both the Australian financial services licence and Australian credit licence of Morrison Carr Financial Services.

ASIC said this had been done “after undertaking a surveillance of the business.”

It said, too, that the sole director of Morrison Carr Financial Services, Dennis Cardakaris, had also been permanently banned from providing financial services and engaging in credit activities.

ASIC said Morrison Carr had provided financial planning and credit advice through its network of 42 Authorised Representatives and seven Credit Representatives located in offices around Australia.

It noted that Morrison Carr has appealed to the Administrative Appeals Tribunal  against its decision to cancel both the Australian financial services licence and Australian credit licence.

ASIC also said Mr Cardakaris also has a right to ask the Tribunal to review its decisions to permanently ban him from providing financial services and engaging in credit activities.