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Financial services

ASIC Bans Former Next Generation Advice Adviser Andrew Rankin for Four Years

Strategic Insights

— 2 min read

ASIC has banned financial adviser Andrew Rankin from providing any financial services, controlling an entity that carries on a financial services business, and performing any function involved in the carrying on of a financial services business for four years due to his failure to act in the best interests of his clients and providing inappropriate advice. The ban took effect from August 14, 2025, and Rankin has the right to appeal the decision to the Administrative Review Tribunal. ASIC found that Rankin recommended his clients invest most of their retirement savings into the Global Capital Property Fund Limited (in liquidation) and the Pivotal Diversified Fund, which were speculative and illiquid investments. The banning order has been recorded on ASIC's publicly available Financial advisers register and the Banned and Disqualified register.

Key Takeaways:

  • Andrew Rankin, a former adviser of Next Generation Advice, has been banned from the financial services industry for four years due to misconduct.
  • Rankin failed to act in the best interests of his clients and provided inappropriate advice, leading to significant fee increases and losses.
  • The ban took effect from August 14, 2025, and Rankin has the right to appeal the decision to the Administrative Review Tribunal.
  • Rankin recommended his clients invest in the Global Capital Property Fund Limited (in liquidation) and the Pivotal Diversified Fund, which were speculative and illiquid investments.
  • Rankin's actions resulted in clients being placed in more complex and onerous SMSF environments, leading to significant fee increases.
  • The ban has been recorded on ASIC's publicly available Financial advisers register and the Banned and Disqualified register.
  • Clients of Next Generation Advice who have concerns about their adviser or the advice they received should consider lodging a complaint with the Australian Financial Complaints Authority (AFCA).
  • AFCA is the external dispute resolution scheme for financial complaints in Australia and must deal with complaints independently and fairly. AFCA's service is free for consumers.

Statistics:

  • The ban took effect from August 14, 2025.
  • The ban is for a period of four years.
  • ASIC received 35 complaints against Next Generation Advice in relation to the conduct of Andrew Rankin and other advisers.
  • 20 clients of Next Generation Advice have lodged complaints with AFCA in relation to advice received from Rankin and other advisers.
  • In total, ASIC has received over 200 complaints against Next Generation Advice in relation to superannuation advice.

Sources:

  • Australian Securities and Investments Commission (ASIC). (2025). ASIC bans former Next Generation Advice adviser Andrew Rankin for four years. Retrieved from https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2025-releases/25-167mr-asic-bans-former-next-generation-advice-adviser-andrew-rankin-for-four-years/
  • Australian Financial Complaints Authority (AFCA). (n.d.). Lodging a complaint. Retrieved from https://www.afca.org.au/lodging-a-complaint
  • ASIC. (2025). Super switching advice - complying with your obligations. Retrieved from https://asic.gov.au/media-publications/key-publications/2025/info-182-super-switching-advice/
  • ASIC. (2025). Consumer alert: Be super smart. Retrieved from https://moneysmart.gov.au/investing/super/consolidate-your-super

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