Business · Companies · 7 hrs ago
ASIC warns Australians about superannuation switching pitches
Australia’s financial regulator is warning people about unsolicited pitches to switch superannuation funds.
The Australian Securities and Investments Commission says social media ads and cold calls can lead people to financial services providers through marketing firms known as lead generators.
The warning follows the collapse of two funds, leaving about 12,000 investors facing potential losses of more than $1 billion.
In one case, Melinda Kee moved her retirement savings into First Guardian after being approached by a lead generator and receiving financial advice; she lost $400,000.
ASIC reviewed 15 financial services licensees and found that five lacked adequate safeguards against moving clients’ super into high-risk investments.
More than 90 per cent of the $680 million invested by clients brought in through lead generators came from superannuation savings.
ASIC says some lead generators used misleading or fear-based claims, and warned that people should be cautious if a stranger pressures them to move their super.
The regulator advises Australians to seek financial advice directly from a suitably qualified professional.
ASIC warned Australians to be wary of social media ads and unsolicited calls urging them to switch superannuation funds.
The regulator said lead generators use these tactics to collect personal information and refer prospective customers to financial services providers.
The warning followed the collapses of Shield Master Fund and First Guardian Master Fund, which left about 12,000 investors facing potential losses of more than $1 billion.
ASIC’s review found that some unqualified lead generators used potentially misleading statements and fear-based claims.
The review of 15 financial services licensees found that lead generation firms helped attract more than 7,600 new clients between January and June 2025.
- Who
- The Australian Securities and Investments Commission warned Australians about lead generators and superannuation switching pitches.
- What
- ASIC warned people to be cautious about unsolicited calls and social media ads encouraging them to move their superannuation.
- When
- The warning was reported on 10 November 2026.
- Where
- Australia.
- Why
- The warning followed fund collapses that left about 12,000 investors facing potential losses of more than $1 billion, and ASIC found weaknesses and potentially misleading practices in lead generation.
This story does not have two clearly opposing sides.
Melinda Kee moved her superannuation from a retail fund into First Guardian after receiving financial advice.
Lead generation firms helped 15 financial services licensees attract more than 7,600 new clients.
ASIC’s warning about social media ads and cold calls urging Australians to switch superannuation funds was reported.
- Investors affected
- About 12,000
- Potential losses
- More than $1 billion
- Licensees reviewed
- 15
- New clients linked to lead generation
- More than 7,600 between January and June 2025
- Client investments
- Almost $680 million, with more than 90 per cent from superannuation savings
What people are saying
When those investments go south, people can lose everything,
But really, what they're trying to do is harvest personal information so that they can pepper you with phone calls. Social media has made it much easier for lead generators to wreak harm.
If anybody that you've never met wants to talk to you on the phone about moving your super, and they're trying to get you to make that decision and sign on the bottom line, that should be an immediate warning sign,