The Australian Securities and Investments Commission is investigating the conduct of financial advisers and staff associated with failed Perth-based advice business, Chambers Investment Planners.
On Thursday, the regulator cancelled the Australian Financial Services Licence and Australian credit licence of Chambers Investment Planners after it breached its licensing conditions by failing to secure adequate professional indemnity insurance cover.
The business entered voluntary administration on July 2 in relation to a dispute with its professional indemnity insurer after a determination by the Financial Ombudsman Service on June 12 found Chambers Investment Planners breached the Corporations Act multiple times and ordered it to pay damages to a former client.
FOS received six complaints against Chambers Investment Planners in 2012, according to the FOS comparative tables.
One case involved a client who was issued a statement of advice in 2006 which recommended double gearing into the Macquarie Geared Equities Investment and Willmott Forests Project.
The client lodged a complaint with FOS in 2010 after Willmott Forests went into liquidation.
Matthew Donnelly and Gayle Dickerson of chartered accountant and business advisory Grant Thornton were appointed administrators of Chambers Investment Planners.
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