Australia’s corporate regulator has warned financial advice businesses over sales practices that could put retirement savings at risk, following a review of firms using telemarketers to attract clients.
The Australian Securities and Investments Commission reviewed 15 financial services licensees. Referrals from so-called lead generators resulted in more than $678 million being switched or invested, with approximately 90 per cent coming from superannuation savings.
ASIC found examples of unlicensed or unqualified marketers performing tasks such as assessing customers’ risk profiles and discussing financial advice recommendations. Some also used potentially misleading claims or comparisons to encourage people to review their super.
The reviewed businesses received $9.8 million in upfront advice fees, while clients committed to a further $4.5 million in ongoing fees. ASIC warned that weak supervision could expose consumers to harm and place businesses’ licences at risk.
The findings follow the high-profile Shield and First Guardian collapses, which have intensified scrutiny of superannuation switching promoted through online advertisements and unsolicited calls.
ASIC urged consumers to watch for pressure to act immediately, promises of unrealistic returns and unsolicited offers of free super “health checks”. It also recommended checking an adviser’s authorisation through the Financial Advisers Register before proceeding.
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