The Australian Securities & Investments Commission (ASIC) has banned Gold Coast-based financial adviser Andrew Rankin for four years from providing financial services, controlling an entity that carries on a financial services business, or performing any function involved in such a business. ASIC found that, while authorised by Next Generation Advice Pty Ltd (in liquidation), he failed to act in the best interests of a number of clients and gave inappropriate advice. ASIC found Mr Rankin recommended clients establish self-managed superannuation funds (SMSFs), roll over their existing superannuation, and invest most of their retirement savings into Global Capital Property Fund Limited (in liquidation) and the Pivotal Diversified Fund. The review identified failures to properly identify clients’ objectives and needs and the subject matter of advice, and to conduct a reasonable investigation of products that might meet client needs; ASIC also found the advice could not reasonably be considered appropriate given the speculative and illiquid nature of the investments, the absence of historical return data, the move into more complex and onerous SMSF arrangements versus APRA-regulated funds, and significant fee increases. Statements of advice were found to include misleading and deceptive projections, and ASIC found Mr Rankin reasonably ought to have known there was a conflict of interest arising from referrals following a “superannuation health check”. The banning order took effect from 14 August 2025 and Mr Rankin has the right to appeal to the Administrative Review Tribunal. ASIC also highlighted that, following the cancellation of Next Generation Advice’s licence, eligible complaints to the Australian Financial Complaints Authority about advice from Next Generation Advice should be lodged by 17 October 2025, and that ASIC’s investigation into matters connected to Global Capital Property Fund and the Shield Master Fund is continuing.

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