The Australian Securities and Investments Commission (ASIC) has banned Gold Coast financial adviser Andrew Rankin from providing financial services for four years after finding he failed to act in the best interests of his clients.
ASIC Hands Four-Year Ban to Former Next Generation Adviser
The ban prevents Mr Rankin from offering financial advice, controlling a financial services business, or performing any related function until August 2029.
ASIC determined that while working as an authorised representative of Next Generation Advice Pty Ltd (in liquidation), Mr Rankin gave inappropriate advice to several clients.
According to ASIC, Mr Rankin recommended clients establish self-managed superannuation funds (SMSFs) and invest most of their retirement savings into the Global Capital Property Fund Limited (GCPF), now in liquidation, and the Pivotal Diversified Fund.
The regulator found he failed to properly assess client objectives, identify the subject matter of advice, or investigate alternative financial products.
ASIC stated that the recommended investments were speculative and illiquid, with no historical return data, and placed clients into more complex SMSF structures with higher fees than their existing APRA-regulated superannuation funds.
Statements of advice provided by Mr Rankin were also found to contain misleading and deceptive projections.
The regulator concluded that Mr Rankin reasonably ought to have known his advice exposed clients to conflicts of interest and placed their retirement savings at risk.
The banning order took effect on 14 August 2025 and has been recorded on ASIC’s Financial Advisers Register and the Banned and Disqualified Register.
ASIC noted that Mr Rankin retains the right to appeal the decision to the Administrative Review Tribunal.
