Chambers Investment Planners has AFSL cancelled

Perth-based Chambers Investment Partners has had its Australian financial services licence cancelled after the company failed to obtain professional indemnity insurance and entered voluntary administration.

The Australian Securities and Investments Commission (ASIC) also cancelled the Australian credit licence of Chambers after it ceased to engage in credit activities.

Chambers had been licensed to deal in, and provide advice on, financial products, including life insurance, superannuation, managed funds, securities and margin lending.

It was also authorised to provide credit services in relation to credit contracts where it was not the credit provider.

An AFS licensee that provides a financial service to retail clients is required to have arrangements in place for compensating them for loss or damage suffered because of breaches of the relevant obligations under the Corporations Act by the licensee or its representatives.

Such arrangements are subject to the requirement that the licensee (unless exempt) holds adequate professional indemnity insurance cover, ASIC stated.

Chambers has the right to appeal to the Administrative Appeals Tribunal for a review of the decision.

The regulator stated that it is conducting enquiries into the conduct of the officer and representatives of Chambers.