The regulator stated Rankin recommended clients set up an SMSF and invest most of their retirement savings into the Global Capital Property Fund Limited (in liquidation) (GCPF) and the Pivotal Diversified Fund (Pivotal).

In a review of the advice provided by Rankin, ASIC found he failed to act in the best interests of a number of his clients as he failed to:

• Identify the clients’ objectives and needs by accepting a request to establish an SMSF and roll over their current superannuation into the new SMSF, investing the majority of their capital into GCPF and the Pivotal Diversified Fund.

• Identify the subject matter of advice.

• Conduct a reasonable investigation of the financial products that might meet their needs.

ASIC also found it was not reasonable to conclude the advice Rankin gave was appropriate, had he satisfied the duty to act in the clients’ best interests, because:

• GCPF and Pivotal were both speculative, illiquid investments with no historical return data.

• The advice placed clients in more complex and onerous SMSF environments compared to their previous APRA-regulated superannuation funds.

• The advice resulted in significant fee increases.

Rankin’s statements of advice were also found to include projections that were misleading and deceptive.

ASIC stated that clients were referred to Rankin after completing a “superannuation health check” with another authorised representative of Next Generation Advice.

Additionally, it found Rankin reasonably ought to have known there was a conflict of interest and jeopardised client retirement savings by facilitating the transfer of most of their savings from APRA-regulated funds to highly speculative and illiquid investments in a more complex and onerous SMSF environment.

The banning order took effect from 14 August 2025.

Rankin has the right to appeal the decision to the Administrative Review Tribunal.