The Australian Securities and Investment Committee (ASIC) prevented the financial advisor to Gold Cos -Andrew Ranken, to provide financial services for a period of four years after he failed to dispose of the interest of his customers.
The ban is prohibited from providing financial advice, controlling financial services, or performing any relevant job until August 2029.
ASIC decided that while working as an accredited actor for the next generation PTY LTD (in the filter), Mr. Rankin gave inappropriate advice to several customers.
According to ASIC, Mr. Rankin recommended that customers create self -management pension funds (SMSFS) and invest in most of their retirement savings in the Global Capital Property Fund Limited (GCPF), and now in liquidation, the diversified box.
The organizer found that it failed to properly evaluate the customer’s goals, determine the subject of advice, or investigate alternative financial products.
ASIC stated that the recommended investments were speculative and non -liquid, with no historical return data, and the position of customers in SMSF structures is more complicated with higher fees than the current APRA pension boxes.
The advice data provided by Mr. Ranken contains misleading and misleading expectations.
The organizer concluded that Mr. Rankin should know his advice, which is exposed to customers to conflict interests and put their pension savings in danger.
The prohibition command came into effect on August 14, 2025, and it was registered in the record of financial advisors in ASIC and the banned and unqualified record.
ASEC indicated that Mr. Ranken reserves the right to appeal the decision of the Administrative Review Court.