ASIC cancels planner’s licence over PI shortfall
The Australian Securities and Investments Commission has cancelled a Perth planning company’s financial services licence after it failed to obtain professional indemnity insurance and entered voluntary administration.
Chambers Investment Planners was licensed to deal in products including life insurance, super and managed funds.
The regulator says it is investigating the conduct of the company’s officers and representatives.
The Corporations Act states financial services licensees must have adequate professional indemnity cover.