ASIC Commences New Review Of Advice Licensees That Use Lead Generation Services

ASIC has commenced a new review of advice licensees using lead generation services as part of its ongoing program of work to address practices that inappropriately or unnecessarily encourage consumers to switch their superannuation.

Lead generation is a marketing activity designed to create consumer interest in a product or service, with the goal of persuading consumers to purchase the product or service. These services use a range of marketing techniques to introduce consumers to financial services businesses - including some businesses that encourage consumers to switch their super.

ASIC is concerned that certain practices associated with some lead generation services in financial advice and superannuation may expose consumers to a risk of significant losses.

To help mitigate risks to consumers, ASIC has commenced a review to identify financial advice businesses that use lead generation services, to understand the nature of these arrangements and where appropriate, take disruptive or enforcement action.

As part of the review, ASIC is publishing a list of known entities involved in lead generation, those acting as referral partners, and advice licensees or corporate authorised representatives that have acquired leads, since 1 July 2024.

To improve transparency for consumers, ASIC will continue to update this list of businesses, websites, authorised representatives, financial advisers and financial services licensees involved in lead generation, acting as referral partners or engaging the services of lead generators throughout the course of this review.

The naming of the entities in this list should not be construed as an indication by ASIC that a contravention of the law has occurred, nor should it be considered a reflection upon any person or entity.

However, consumers should exercise additional caution when engaging with any business that uses lead generation and exhibits the features listed below, including by hanging up on unsolicited calls when feeling pressured into making a decision.

Financial advisers and advice licensees should carefully consider whether they are able to comply with their legal obligations if engaging with lead generation businesses or undertaking lead generation activities that include these features.

Superannuation trustees should review this list of features and compare it with their own internal data for indications of high-risk superannuation switching conduct.

ASIC warns that lead generators that mislead consumers, utilise high pressure tactics or provide financial services without a licence will risk contravening the law. Licensed persons or entities that engage the services of lead generators acting in this way, share this risk. ASIC is putting participants on notice and will consider taking enforcement action where we detect evidence of contraventions of the law.

Message for consumers

Before making important decisions, ASIC encourages consumers to be cautious if someone calls about your super. Consumers may receive a call after clicking on an advertisement on social media, filling out a form on a super comparison website, or without solicitation. Lead generators may offer a free 'super health check' or to find your lost super. These can be sales tactics designed to pressure consumers into switching superannuation - even when a super fund is performing well. If you are feeling pressured or unsure, you should just hang up.

Consumers should be wary of the following features:

• Being pressured to act immediately
• Claims that your existing fund is underperforming
• The touting of free superannuation 'health checks' and prizes (often via social media advertisements or websites)
• Offers to find and consolidate 'lost super' for free
• The involvement of unlicensed people in the advice process
• Predominant engagement over the phone with limited client contact with a financial adviser
• Poor or no product disclosure
• Promises of high or unrealistic returns

Consumers can visit Moneysmart's dedicated webpage for more information on how to protect their super from high-risk sales tactics. Consumers wishing to compare the performance of MySuper products or to find their lost superannuation accounts can do so on the ATO's website.

Known entities involved in lead generation, referral partners and advice licensees and/or corporate authorised representatives that have acquired leads

The naming of the entities in Table 1 and 2 should not be construed as an indication by ASIC that a contravention of the law has occurred, nor should it be considered a reflection upon any person or entity.

Tables 1 and 2 are not exhaustive and are based on the information available to ASIC as part of our review, at the time of publication (18 February 2026). The name or contact details may have changed since an entry was added.

While this information relates to the period from 1 July 2024, some entities included in Table 1 and 2 may have ceased involvement in lead generation activities by or after the time of publication.

Visit Moneysmart for updated list of known entities

More information

• Exposing high-pressure cold calling tactics and social media click-bait leading to superannuation switching
• Protect your super from pushy sales calls
• Choosing a financial adviser
• Check an advisers credentials - Financial Adviser Register