Morrison Carr's licences cancelled

THE nation's investments regulator has taken away a national financial advisory firm's financial services licence and credit licence.

The Australian Securities and Investments Commission announced the licence cancellations of Morrison Carr on Monday.

Based in Sydney, but with more than 42 offices around the country, the firm provided financial planning and credit advice to more than 750 clients.

The company's sole director, Dennis Cardakaris, was also permanently banned from providing financial services and engaging in credit activities.

Morrison Carr has filed an application with ASIC to review the decision, and Mr Cardakaris also has an option to review the decision.