ASIC has cancelled both the Australian financial services licence and Australian credit licence of Morrison Carr Financial Services after undertaking a surveillance of the business.

The sole director of Morrison Carr Financial Services, Dennis Cardakaris, was also permanently banned from providing financial services and engaging in credit activities.

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

Morrison Carr has filed an application for review and a stay in the AAT in relation to the ASIC decision to cancel both the Australian financial services licence and Australian credit licence.

Mr Cardakaris also has the right to seek a review in the AAT of the ASIC decisions to permanently ban him from providing financial services and engaging in credit activities.

For further information:

ASIC Media Unit

Telephone: 1300 208 215

Email: media.unit@asic.gov.au