ASIC Widens List of Entities in Lead Generation

ASIC has today named 19 additional known entities involved in lead generation activities as part of its ongoing work to address practices that inappropriately or unnecessarily encourage consumers to switch their superannuation.

The additional entities have been added to the updated list, which builds on the initial list of 44 entities published in February 2026. The list includes those involved in lead generation, those acting as referral partners, and advice licensees or corporate authorised representatives that had acquired leads, since 1 July 2024.

ASIC committed to updating this list of authorised representatives, financial advisers, financial services licensees, and websites over the course of its review to promote transparency for consumers and investors, and to support confident and informed participation in the financial system.

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 continue to 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 the features below. ASIC's review seeks to understand how licensees that use, or allow the use of lead generation services, comply with their AFS licence obligations.

Superannuation trustees should continue to 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.

ASIC is continuing its review of advice licensees that use lead generation business models and intends to report on this work later this year.

Messages 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

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 June 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 complete list of known entities