The Australian Securities and Exchange Commission (ASIC) has forbidden the financial adviser Andrew Rankin from providing any financial services, controlling an entity exercised by a financial service business and performing any operation involved in the transfer of a four -year financial services.
Asic found that Mr Rankin failed to act in the best interest of many of his customers and gave inappropriate advice, while authorizing to provide financial advice from the next generation PTY LTD (in liquidation).
The regulatory authority found that Mr Rankin recommended customers to create an SMSF and invest most of their savings in Global Capital Property Fund Limited (GCPF) and the central differentiated fund.
In a review of the advice given by Mr Rankin, Asic found that Mr Rankin failed to act in the interests of many of his customers as he failed:
- Determine customers’ goals and needs by accepting a request to establish an SMSF and overthrow their current retirement in the new SMSF, investing most of their capital in GCPF and central differentiated fund
- Determine the subject of advice and
- Conduct a logical investigation of financial products that could meet their needs.
Asic also found that it was not reasonable to conclude that the advice given by Mr Rankin was appropriate if he had satisfied the task of acting in the interests of the customers because:
- GCPV and Pivotal were both forbid
- Tips have put customers in more complex and SMSF environments were compared to previous regulation setting of mutual funds and
- The tips have led to significant pay increases.
Mr Rankin’s advice statements were also found to include projections that were misleading and misleading.
Customers reported to Mr Rankin after completing a “superstar health control” with another authorized representative of next generation advice. ASIC found that Mr Rankin would reasonably be aware that there was a conflict of interest and risk the retirement of customer retirement by facilitating the transfer of most savings from regulating regulated funds to highly profitable and smoothly -profitable and smoothly investments.
The prohibition order came into force on August 14, 2025.
If you are a client of next -generation advice and have concerns about the behavior of your consultant or the advice you received, you should consider complaining to the Australian complaints (AFCA). AFCA is the external resolution system of disputes for financial complaints in Australia and must deal with complaints independently and fairly. AFCA service is free for consumers.
AFCA can contact:
- Call 1800 931 678 FREE (9am – 5pm Melbourne Time), or
- Record an online complaint on the AFCA website.
AFCA will consider your complaint if it meets eligibility criteria.
In the cancellation of the next -generation license, ASIC required the next GEN to remain a member of AFCA by October 17, 2025. If you plan to file a complaint with AFCA in relation to the tips obtained from the next GEN, you should do this By 17 October 2025.