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ASIC uncovers $678m in risky superannuation switches via unlicensed telemarketers

ASIC finds unlicensed telemarketers switched $678m of Australian superannuation to riskier schemes.

Updated 1 min read

Published by Agyata NewsroomEditorial policyCorrections

Key points

  • Unlicensed telemarketers moved $678 million of Australian superannuation to riskier schemes over 17 months.
  • Fifteen financial licensees acquired 7,639 new clients via lead generators between January 2025 and June 2026.
  • Commissioner Alan Kirkland warned that slick sales tactics expose investors to serious financial harm.

Why it matters. The report highlights how unqualified lead generators can manipulate investors into high-risk schemes, potentially causing significant financial loss similar to past collapses like Shield and First Guardian.

Updated Sources: ABC News & Headlines – Australian Broadcasting Corporation, The Age, AFR

The Australian Securities and Investments Commission revealed that unlicensed telemarketers persuaded Australians to move approximately $678 million into riskier investment schemes over a 17-month period. This activity involved 15 financial services licensees who acquired roughly 7,639 new clients through these unqualified lead generators between January 2025 and June 2026. The regulator noted that clients paid $9.8 million in upfront fees and agreed to $4.5 million in annual ongoing charges for these arrangements.

Latest updates

ASIC uncovers $678m in risky superannuation switches via unlicensed telemarketers

The Australian Securities and Investments Commission (ASIC) released a review today detailing how unlicensed telemarketers successfully redirected approximately $678 million of Australian superannuation savings into riskier financial schemes. The investigation covered 15 financial services licensees operating between January 2025 and June 2026, finding that many callers lacked the necessary qualifications to provide financial advice. Regulators described the tactics as highly questionable, noting that these agents often pressured consumers to switch their long-term retirement savings without proper disclosure or suitability checks. ASIC has since intensified its scrutiny of financial marketing practices to protect investors from such aggressive and potentially fraudulent sales strategies.

ABC News & Headlines – Australian Broadcasting CorporationThe AgeAFR

Sources

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