Australia’s corporate regulator has urged consumers to be wary of aggressive pitches to switch their superannuation into high‑risk products, warning that pushy operators are exploiting the start of the new financial year when many people review fund performance.
ASIC said it was increasingly concerned that retirement savings were being enticed into complex schemes that are difficult even for experienced investors to assess. Deputy Chair Sarah Court cautioned that high‑pressure tactics and slick sales scripts were designed to rush decisions. ‘If you are unsure or are feeling pressured, just hang up.’
The regulator said some cold‑calling campaigns and online “comparison” offers present as helpful services — including offers to locate lost super or perform free super “health checks” — but can funnel consumers into unsuitable or risky investments. It also warned that callers may introduce a financial adviser during the pitch to bolster credibility and that consumers should question any links between salespeople and specific funds, including possible commission arrangements.
ASIC has launched a consumer awareness campaign aimed at the same groups targeted by comparison outfits, building on an earlier cold‑calling campaign in 2024.
Red flags ASIC says consumers should watch for include:
– High‑pressure sales tactics
– Cold calls
– Free superannuation “health checks” and prize offers, often via social media or websites
– Offers to find and consolidate “lost super” for free
– Unlicensed people involved in the advice process
– Predominantly phone‑based engagement with little or no direct contact with a financial adviser
– Poor or missing product disclosure
– Promises of high or unrealistic returns
ASIC said the conduct of rogue operators undermines efforts by the broader industry to act in investors’ best interests.
The regulator highlighted the scale of what’s at stake: total superannuation assets now exceed $4 trillion, with more than 600,000 self‑managed super funds.
Consumers can find lost super for free via the Australian Tax Office.
