ASIC bans director, cancels firm’s licences

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6 August 2012

The director of a national financial services company has been permanently banned by the Australian Securities and Investments Commission (ASIC).

The regulator says the decision to ban Dennis Cardakaris, a director of Sydney-based Morrison Carr Financial Services, from providing financial services and engaging in credit activities stems from its concern that he is “not of good fame and character”.

ASIC also cancelled the company’s Australian financial services licence and Australian credit licence.

Morrison Carr provided financial planning and credit advice nationally through a network of 42 authorised representatives and seven credit representatives. ASIC says they will be asked to inform their clients of the licence cancellation.

An application to the Administrative Appeals Tribunal for a review and stay of the ruling against Morrison Carr was withdrawn, although Mr Cardakaris retains the right to seek a review of his own ban.

ASIC Commissioner Peter Kell says Mr Cardakaris “was someone with a lot of experience in the financial services industry who should have known his responsibilities”.