Banned financial planners show importance of PI

A Perth financial planning firm has had its licence revoked after failing to obtain Professional Indemnity cover.

ASIC today cancelled the Australian Financial Services Licence of Chambers Investment Planners, after it failed to obtain PI cover and entered voluntary administration. ASIC also cancelled Chambers’ credit licence.

Chambers was licensed to deal in life insurance, superannuation, managed funds, securities and margin lending, as well as credit services.

ASIC is investigating the conduct of the Chambers officers and representatives but would not comment on whether there would be further regulatory action taken.