31 July 2012 6:55am

The Australian Securities and Investments Commission has cancelled both the Australian financial services licence and credit licence of Morrison Carr Financial Services, a Sydney-based financial planning firm.

ASIC made the order revoking the licence on Friday. It publicised the order late yesterday. It said the sole director of Morrison Carr Financial Services, Dennis Cardakaris, sought a stay order and planned to appeal.565

Registered only in early 2011 – following the liquidation of a firm with a similar name – ASIC said it took its decision "after undertaking a...