ASIC Warning: Pushy Superannuation Sales Tactics

The Australian Securities and Investments Commission (ASIC) is warning consumers to be on high alert for high-pressure sales tactics designed to convince them to switch superannuation funds into risky or unsuitable investments. 

These approaches often involve unsolicited calls or online advertising, urgent demands for an immediate decision, and promises of unusually high or guaranteed returns. Some callers may claim to be helping to “find lost super” or “move you into a better fund” while failing to disclose affiliations with specific products or commissions that may be earned from the switch. Although these offers may appear genuine, they can lead to transfers into complex investment structures that carry substantial risks. 

ASIC’s advice is simple: always question the credentials of the person contacting you, seek independent advice before making any changes, and if you feel pressured, don’t be afraid to hang up. A legitimate opportunity will still be there tomorrow.

You can check your current fund’s performance and find out more information by speaking with your Simmons Livingstone advisor on 1800 618 800 or via email at admin@simmonslivingstone.com.au.