An adviser who relied on a ‘superannuation health check’ has been banned for inappropriate advice and failing to act in the best interests of his clients over advice connected to the Global Capital Property Fund.
Gold Coast-based Andrew Rankin of Next Generation Advice was banned by ASIC 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.
ASIC alleged that clients were referred to Rankin after completing a ‘superannuation health check’ with another authorised representative of Next Generation Advice.
Rankin recommended clients set up an SMSF and invest most of their retirement savings into the Global Capital Property Fund and the Pivotal Diversified Fund.
ASIC has argued the advice Rankin has given wasn’t appropriate because both funds were speculative, illiquid investments with no historical return data.
Additionally, ASIC said the advice placed clients in more complex and onerous SMSF environments compared to their previous APRA regulated superannuation funds that caused significant fee increases.
The Statements of Advice distributed by Rankin were also alleged to have included projections that were misleading and deceptive.
ASIC has alleged that authorised representatives from Next Generation Advice had recommended investments to clients that not only included GCPF but the Shield Master Fund as well.
Next Generation Advice’s licence, which it has held since 14 September 2006, was cancelled by ASIC on 18 October 2024 after the Queensland Supreme Court ordered the company be wound up two months earlier.
Next Generation Advice is required to remain an AFCA member for another year after the licence was cancelled and clients have until 17 October to make a complaint through the external dispute resolution service.
On 4 October 2024, the Federal Court made orders for GCPF to be wound up due to concerns about the management of the business.
On 20 June 2024, ASIC obtained interim orders from the Federal Court freezing the assets of GCPF and related financial advice licensee United Global Capital.
ASIC was concerned that UGC representatives gave conflicted personal advice to clients, including to set up an SMSF to invest in high-risk products related to the firm’s director Joel Hewish, despite UGC advisers telling clients they were not receiving personal financial product advice.
The firm had also lured potential investors with other perks such as free iPads.
ASIC has banned UGC’s licence and AFCA has been unable to accept new UGC complaints since June, but the firm has dominated complaints that are expected to be paid out by Compensation Scheme of Last Resort in FY26.
Last month, two MWL Financial Services advisers were banned by ASIC for giving inappropriate advice in connection to the failed Shield fund.
Rankin’s banning order took effect from 14 August 2025 and Rankin has the right to appeal the decision to the Administrative Review Tribunal.
