Business · Companies · 17 hrs ago
ASIC warns firms over telemarketers promoting risky super switches
Australia’s financial regulator reviewed 15 financial services licensees that used telemarketers, also called lead generators, between January 2025 and June 2026.
These unlicensed marketers used social media ads and unsolicited calls to find people and connect them with financial advisers.
The review linked lead generation to about $678 million in investments, around 90 per cent of which came from superannuation savings.
Some marketers went beyond making referrals, gathering personal information, discussing investment performance and encouraging people to switch funds.
ASIC found some licensees had weak controls and said the practices could put advisers and firms at risk of breaking the law.
Past collapses of Shield and First Guardian left almost 12,000 investors with losses of more than $1 billion, showing the potential harm to retirement savings.
ASIC says an unsolicited call about switching super is a warning sign, and it will continue enforcement action where it finds evidence of serious consumer harm.
ASIC has warned Australians to be wary of unsolicited calls and other approaches urging them to switch their superannuation.
A review of 15 financial services licensees found that lead generators helped bring in about 7,639 new clients between January 2025 and June 2026.
More than $678 million was switched or invested through these services, with about 90 per cent coming from superannuation savings.
ASIC found some unlicensed lead generators went beyond referrals and used potentially misleading or fear-based claims to persuade people to switch.
Commissioner Alan Kirkland said a call from someone wanting to discuss a person’s super is a warning sign.
- Who
- The Australian Securities and Investments Commission (ASIC) and Australians approached about switching super.
- What
- ASIC warned people about unsolicited approaches from lead generators and reported concerns about their role in super switches.
- When
- The review covered January 2025 to June 2026; ASIC published its findings on November 8, 2026.
- Where
- Australia.
- Why
- ASIC said lead-generation practices can expose people to financial harm and may put advisers and licensees at risk of breaking the law.
This story does not have two clearly opposing sides.
ASIC’s review covered 15 Australian financial services licensees operating during this period.
ASIC announced it would examine firms that allow lead generators to operate.
ASIC unveiled its review findings and warned Australians about lead generators.
- Licensees reviewed
- 15
- New clients through lead generation
- About 7,639
- Switched or invested
- More than $678 million
- Share from superannuation savings
- About 90 per cent
- Up-front advice fees
- $9.8 million
- Annual ongoing fees agreed to
- $4.5 million
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What people are saying
If you receive a call from anybody wanting to talk to you about your superannuation, that in itself is a warning sign.
When those investments go south, people can lose everything.
Far too often, we have seen how harmful lead generation practices can steer people towards investment choices that leave them worse off.
Our message to advice licensees is clear: we will continue to take enforcement action under current laws where we find evidence of serious consumer harm.