On 18 October 2024, ASIC cancelled the Australian financial services (AFS) licence of Next Generation Advice Pty Ltd (in Liquidation) (Next Gen). Next Gen's licence was cancelled by ASIC after the Queensland Supreme Court ordered the company be wound up on 23 August 2024.
ASIC has specified that Next Gen must continue its membership of the Australian Financial Complaints Authority (AFCA) until 17 October 2025.
ASIC is aware that Next Gen, through its authorised representatives, recommended investments to clients that included Global Capital Property Fund Limited (in Liquidation) (GCPF) and the Shield Master Fund. Further information regarding GCPF and Shield, including important information for investors, is available on ASIC's enforcement activities pages:
Next Gen operated a financial services business in Queensland which held AFS licence no. 302947 since 14 September 2006.
Actions to consider if you are a client of Next Generation Advice
If you are a client of Next Generation advice and have concerns about the conduct of your adviser or the advice you received, you 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.
AFCA can be contacted by:
- calling 1800 931 678 for free (9am - 5pm Melbourne time), or
- lodging a complaint online on AFCA's website.
AFCA will consider your complaint if it meets the eligibility criteria.
Important deadline: In cancelling Next Gen's licence, ASIC required Next Gen to remain a member of AFCA until 17 October 2025. If you intend to lodge a complaint with AFCA in relation to advice received from Next Gen, you should do so by 17 October 2025.
For more information see the following AFCA websites:
Background
ASIC's website has further information on the liquidation process and what it means for shareholders and creditors, including the insolvency webpage.
People who are experiencing financial difficulty, can speak to an independent financial counsellor for free by contacting the National Debt Helpline (NDH) on 1800 007 007 (9:30am to 4.30pm in your local time zone, Monday to Friday).
You can also find a financial counselling agency using the map on the Moneysmart website.
Editor's note:
This media release has been updated. The original media release was published 24 October 2024.
