Chambers Investment Planners loses licence

West Perth-based financial planning firm Chambers Investment Planners has had its financial services licence cancelled by the Australian Securities and Investments Commission after entering voluntary administration.

ASIC said today that it is also conducting enquiries into the conduct of the officers and representatives of Chambers but had no further comment at this time.

Chambers had failed to obtain professional indemnity insurance, according to ASIC and was therefore in breach of its obligations to clients. 

Chambers' credit licence has also been cancelled by ASIC.

Grant Thornton partners Matthew Donnelly and Gayle Dickerson have been appointed administrators of Chambers, which is reported to have been facing numerous compensation claims from clients for negligent advice or failed products.