ASIC ADDS 19 MORE SUPERANNUATION LEAD GENERATORS TO EXISTING LIST OF 44

If you’ve ever received an unsolicited phone call, Facebook ad or email offering a “free super health check”, help finding your lost super, or a promise to boost your retirement savings, then it’s worth paying attention.

ASIC has recently added a further 19 entities to their existing list of 44 that are involved in superannuation lead generation. This comes as part of ASIC’s ongoing review into practices that may be encouraging Australians to unnecessarily switch their superannuation.

Although being named on this list doesn’t mean these businesses have technically broken the law, ASIC is encouraging consumers to exercise extra caution before acting on unsolicited approaches from “financial providers”.

What Is Lead Generation?

Lead generation is a (usually legitimate) marketing strategy used by businesses to help identify potential customers and connect them with a product or service.

However, ASIC is concerned that some lead generation practices within the financial advice and superannuation industry are encouraging consumers to switch super funds without fully understanding the consequences, placing them at risk of negative financial impact.

Some of the high-risk practices identified by ASIC include:

• Cold calls encouraging you to review or switch your super
• Claims that your current superfund is underperforming
• “Free” superannuation health checks promoted through social media
• Offers to find and consolidate lost super
• Pressure to make decisions on the spot
• Limited or no contact with a qualified financial adviser
• Advice delivered by unlicensed individuals
• Poor disclosure about products, fees or risks
• Promises of unusually high investment returns

These tactics can result in switching away from quality super funds, paying unnecessary fees, losing valuable insurance benefits or investing in products that are not appropriate for their circumstances.

Who Is Involved?

ASIC first published a list of 44 known entities involved in lead generation activities in February 2026 and has since added a further 19 businesses. This list was started in an effort to bring greater transparency and highlight the scale of its ongoing review into ethical and sustainable practice in the finance sector.

The growing list includes lead generation businesses, referral partners, financial advice licensees and corporate authorised representatives that have acquired leads since 1 July 2024.

ASIC has stressed that inclusion on the list is not evidence of wrongdoing or a breach of the law, but simply reflects entities identified during the review and intends to help consumers make better, more informed decisions.

You can view the full list of identified lead generators here:

How Do I Know If I’ve Been Affected?

If someone contacts you unexpectedly about your superannuation, it’s worth slowing down before making any decisions.

Ask yourself:

• Did I request this contact?
• Am I being pressured to act quickly?
• Have I requested or received personalised advice from a licensed financial adviser?
• Have I been given enough information to understand the benefits, risks and costs?
• Could I be losing insurance cover or other valuable benefits by switching?

Your superannuation is one of your largest long-term assets, so decisions around it should never be rushed. If someone is making promises that seem too good to be true or creating urgency, it’s often worth taking a step back and seeking a second opinion.

What Now?

ASIC’s expanded review is yet another reminder to Australians that staying vigilant when it comes to your money is paramount. Even though most businesses in the finance industry operate ethically, unsolicited approaches, high-pressure sales tactics or “too good to be true” promises should always set off alarm bells.

Before you make any impulsive changes to your superfund, it’s essential you seek professional advice from a trusted and licensed financial adviser. They will take the time to understand your circumstances, explain your options and provide recommendations that are appropriate for you, rather than encouraging a quick switch based on generic claims.

At BISCosgrove, financial decisions are made with confidence, clarity and long term strategy in mind, not just off the back of a persuasive sales call. If you’re unsure whether a recommendation to switch your super is genuinely in your best interests, get in touch with us today and let our experienced team of advisers help you understand your options.

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_{^{The material and contents provided in this publication are general and informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.}}