National planning business banned
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 had 42 authorised representatives and seven credit representatives nationally.
Morrison Carr's sole director Dennis Cardakaris was also permanently banned from providing financial services and engaging in credit activities.
Morrison Carr has filed an application for review and a stay in the Administrative Appeals tribunal, according to ASIC.
Recommended for you
Shaw and Partners’ new national head of private wealth believes the biggest challenge for financial advisers right now is being able to deliver efficient advice delivery amid a complex regulatory environment and growing investment universe.
Global equity manager Orbis Investments has appointed a head of marketing from Capital Group as it becomes the latest manager to target advised retail investors.
While Australia prepares for the $3.5 trillion intergenerational wealth transfer, a Wilsons Advisory report suggests the ongoing gender imbalance in the advice profession could prove a challenge to this process.
Danielle Press, a former ASIC commissioner, is to chair a new AFSL committee set up by Sequoia which seeks to improve governance practices and review its approved product lists.
