The Australian Securities and Investments Commission (ASIC) has cancelled both the Australian financial services licence and Australian credit licence of Morrison Carr Financial Services.
Morrison Carr's sole director Dennis Cardakaris was also permanently banned from providing financial services and engaging in credit activities.
Morrison Carr had 42 authorised representatives and seven credit representatives nationally.
Morrison Carr has filed an application for review and a stay in the Administrative Appeals Tribunal (AAT), according to ASIC. 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.
ASIC said in a statement the ban followed ASIC "undertaking a surveillance of the business". An ASIC spokesperson told Money Management the regulator cannot reveal further details of the reason behind the action prior to the AAT review. The initial AAT hearing is scheduled for tomorrow.
