Director of national financial planning business banned for life

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The director of a national financial planning business has been permanently banned from providing financial advice by ASIC, but this may not be the end of the story.

Dennis Cardakaris, the sole director of Morrison Carr Financial Services, received the lifetime ban from providing financial services and engaging in credit activities while ASIC cancelled the Australian financial services licence and Australian credit licence of his company – Morrison Carr Financial Services.

According to ASIC, 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 decided not to take the ASIC action lying down, and has filed an application for review and a stay in the Administrative Appeals Tribunal (AAT) in relation to the ASIC decision to cancel its licenses.

ASIC also noted that Cardakaris also has the right to seek a review in the AAT regarding the decision to slap him with a permanent ban, but it appears that he has yet to take this step.

Have you been affected by this ASIC action? Contact Wealth Professional here.

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