Australia’s corporate watchdog has banned Gold Coast financial adviser Andrew Rankin for four years.
ASIC said Mr Rankin failed to act in the best interests of several clients and gave inappropriate advice. He was authorised by Next Generation Advice Pty Ltd, which is in liquidation.
ASIC found he steered clients to set up self-managed super funds. He then recommended they invest most of their retirement savings in the Global Capital Property Fund Limited, now in liquidation, and the Pivotal Diversified Fund.
The regulator said he failed to identify clients’ objectives and needs. It said he did not properly define the subject matter of advice. It also said he did not conduct a reasonable investigation of products that might meet client needs.
ASIC said it was not reasonable to conclude the advice was appropriate even if best interest duties had been met. It found both funds were speculative and illiquid with no historical return data. It said the advice moved clients from APRA-regulated funds into more complex and onerous SMSF structures. It also resulted in significant fee increases.
ASIC said his statements of advice included projections that were misleading and deceptive.
Clients were referred to Mr Rankin after a ‘superannuation health check’ with another authorised representative of Next Generation Advice. ASIC said he reasonably ought to have known of a conflict of interest. It said client retirement savings were jeopardised by moving most savings into highly speculative and illiquid investments within SMSFs.
The ban covers providing any financial services. It also covers controlling, or performing any function in, a financial services business. It took effect from 14 August 2025.
Mr Rankin can appeal to the Administrative Review Tribunal.
Clients of Next Generation Advice who have concerns are urged to contact the Australian Financial Complaints Authority. AFCA’s service is free for consumers. Call 1800 931 678 between 9am and 5pm Melbourne time. Or lodge a complaint at www.afca.org.au/make-a-complaint.
There is a deadline. ASIC required Next Generation Advice to remain an AFCA member until 17 October 2025. Complaints to AFCA about advice from Next Generation Advice should be lodged by 17 October 2025.
Mr Rankin was an authorised representative of Next Generation Advice from 13 September 2021 to 11 November 2022.
The Federal Court froze GCPF’s assets in June 2024. The Court ordered GCPF to be wound up on 3 October 2024. Pivotal faced an interim stop order on 5 January 2023 that restricted dealings with retail investors.
ASIC said investigations into matters connected to GCPF and the Shield Master Fund are continuing.
The ban is recorded on ASIC’s Financial Advisers Register and the Banned and Disqualified register.
