The regulator stated that it has decided to cancel both the Australian financial services license and the Australian credit license of Morrison Carr Financial Services.
Further, it has permanently banned Cardakaris, the company’s sole director from providing financial services and engaging in credit activities.
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According to ASIC, the decision to cancel Morrison Carr’s licenses and permanently ban Cardakaris has arisen due to a surveillance operation that had been in operation since October 2011.
ASIC claimed that Morrison Carr did not have in place adequate compensation arrangements.
Additionally, ASIC stated that Cardakaris was not of good fame and character or a fit and proper person to engage in credit activities in that he provided false information in relation to an application for professional indemnity insurance and arranged for the transfer of business from a previous AFS license, Morrison Carr Australia and in doing so, affected the ability of claimants of the previous licensee to pursue their claims.
Further, Cardakaris has been involved in the contravention of credit legislation which gives ASIC the reason to believe that he is likely to contravene credit legislation.
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By GlobalDataAlso, in a damning assessment of Cardakaris’ conduct, ASIC Commissioner Peter Kell noted the Commission’s concerns that Morrison Carr and Cardakaris did not conduct their business in a fair, honest or professional manner, which is fundamental to maintaining integrity within the financial advice sector.
