ASIC cancels Chambers AFSL

In a statement released today, ASIC announced it has cancelled the licence of the advice firm after it “failed to obtain professional indemnity insurance and entered voluntary administration”, also cancelling its credit licence.

The move follows a number of disputes lodged against the company by aggrieved former clients with the Financial Ombudsmans Service, claiming damages for inappropriate advice.

A FOS determination handed down on 12 June – obtained by ifa –  found that Chambers Investment Planners (CIP) advisers perpetrated multiple breaches of the Corporations Act 2001 in the advice it provided to a former client.

Many of the claimants against CIP were placed in agribusiness schemes that collapsed - including the Willmott forestry scheme - and in investments that were not deemed suitable for their risk profile or financial situation.

Disputes filed against CIP are ongoing. 

More to come.