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.565Registered only in early 2011 - following the liquidation of a firm with a similar name - ASIC said it took its decision "after undertaking a surveillance of the business." ASIC said it had also permanently banned Cardakaris from providing financial services and engaging in credit activities. Morrison Carr had 42 authorised representatives and seven credit representatives under its licences.The firm had 4000 clients and A$740 million in funds under management, according to a 2012 survey of financial planning firms by Money Management. Morrison Carr ranked as the 76th largest financial planning group in Australia, according to the survey.