Overview
- The regulator published its review on Sunday and found more than 7,600 new clients were obtained through lead generators between January 2025 and June 2025.
- Those referrals led to about $678–680 million being invested following contact from lead generators, with over 90% coming from superannuation balances.
- The review documented misleading sales tactics such as fear-based claims, non-like-for-like performance comparisons and ‘super health check’ approaches used to harvest personal data.
- ASIC found weak licence-holder oversight, including five of 15 reviewed licensees that had no controls to detect or stop high-risk super switching.
- Licensees extracted $9.8 million in upfront fees and $4.5 million in agreed annual ongoing fees, and ASIC has issued consumer warnings, banned advisers and cancelled licences while promising further enforcement.