ASIC is defending its decision to ban an experienced financial advisor this week, claiming the man “should have known his responsibilities” after being caught lying on insurance papers.
On Monday, financial advisory service Morrison Carr, and its sole director, Dennis Cardakaris, were stripped of AFS and credit licenses.
In an unusual move, the watchdog anticipated Cardakaris would "contravene credit legislation" in the future, which helped justify the ban.
Specifically, ASIC claimed he was not of “good fame and character, or a fit and proper person to engage in credit activities” after lying on insurance papers, and refusing to put proper client compensatory measures in place.
An application for a review of the decision was allegedly withdrawn yesterday.
ASIC said Cardakaris did not “conduct business in a fair, honest or professional manner, which is fundamental to maintaining integrity within the sector.”
“Licensees must take responsibility for the accuracy and completeness of the information they provide to their insurers, clients and ASIC.
“Mr Cardakaris was someone with a lot of experience in the financial services industry who should have known his responsibilities,” said ASIC commissioner Peter Kell.