Share this @internewscast.com

Australians have been warned to watch out for pushy salespeople pressuring them to make quick changes to their superannuation provider.
The Australian Securities and Investments Commission (ASIC) has warned Australians to be “on red alert for high-pressure sales tactics, clickbait advertising and promises of unrealistic returns”.

The corporate watchdog has warned of “industrial-scale” schemes encouraging people to move their retirement savings into complex and risky schemes.

‘Industrial scale’ schemes

ASIC deputy chair Sarah Court said the watchdog is “increasingly concerned” about individuals being tricked into putting retirement savings into “high-risk schemes”, adding that these are often property investments.
“The outcomes are certainly not what those consumers have been expecting,” she told ABC radio on Thursday.
“We are just increasingly seeing examples on an industrial scale.”

Some people were being told their superannuation balance may be insufficient for retirement before being encouraged to switch to high-risk investments, she said.

There are potential benefits to switching and consolidating your super, but that should only happen after careful consideration of the potential risk, ASIC has cautioned.
As of March 2025, financial comparison site Finder reports Australia had 24.7 million superannuation accounts from 112 fund providers, excluding those with fewer than seven members, holding a total of $4.2 trillion in assets.

It says 77 per cent of Australians have a super fund, and 5 per cent plan to open one in future.

‘Big red flags’

With the start of the new financial year, ASIC recommends that Australians be especially careful when reviewing their super funds.
“When it comes to sales calls about super switching, there are some big red flags people should be alert to — being asked to make a quick decision is one of the most obvious,” Court said.
“The initial salespeople can be very persuasive, often the underlying schemes are complex or not made clear to the consumer.”

According to ASIC, some of these red flags include high-pressure sales tactics, cold calls, offers to find and consolidate lost super for free, poor product disclosure, and unrealistic promises.

“It may be very difficult for even experienced investors to spot problems.  Once you start on the path it can be hard to get off,” Court said.
“These calls don’t have the hallmarks of a typical scam. The caller will seemingly have your best interests at heart.
“Consumers should always ask questions about salespeople’s connections to funds, particularly in circumstances where a particular fund appears in the pitch, as there may be a commission arrangement.
“If you are unsure or are feeling pressured, just hang up.”

Share this @internewscast.com
You May Also Like
'National emergency': Another fire ant nest found in NSW

“National Concern: New Fire Ant Nest Discovered in NSW”

A colony of invasive fire ants was discovered on a property in…
A new $2 coin has been released to celebrate the 30-year anniversary of the Torres Strait Islander flag being officially recognised as one of Australia's national flags. The Royal Australian Mint released the coin today, which features the Torres Strait Islander flag, however it will not enter circulation.

Introducing a $2 Coin Celebrating the Torres Strait Islander Flag

A new $2 coin has been issued to mark the 30-year milestone…
Dr Ceri Cashell is calling on the government to put a testosterone treatment for women on the PBS.

Advocates Urge Inclusion of Essential Menopause Medication on PBS

Experts have raised concerns that a crucial treatment, which could benefit about…

Qantas Cyber Attack: Key Details on the Major Customer Data Breach

Australian airline Qantas has confirmed a “significant” data breach after cybercriminals broke…
Australian aircraft and submarines.

Experts Warn: Simple Drone Attacks Could Threaten ADF Ships, Planes, and Submarines

Most of the Australian military’s most expensive planes, ships and submarines are…

Victoria Unveils Major Changes Following Childcare Abuse Allegations

This article contains references to child abuse. Victoria’s Premier Jacinta Allan has…
Ozempic-style drug could be used to treat migraines, research finds

Research Suggests Ozempic-Like Drug May Help Treat Migraines

Recent research indicates that a drug similar to Ozempic might hold the…

Iran Severs Relations with UN Nuclear Agency Following US and Israeli Attacks

Key Points Iran has suspended inspections by the UN nuclear watchdog. New…
Jacqui Purton, who has also used the last name Bergman, died in March 2023 at Campania, about 35km northeast of Hobart.

Man Sentenced to Prison for the ‘Heartless and Cruel’ Murder of Mother of Four

The family of a mother of four, who was tragically struck by…

Ferry Sinks Near Bali: Four Dead and Many Missing in Indonesia

With 53 passengers on board, the boat sank nearly 30 minutes after…
Government reaches deal on Olympic infrastructure funding

Governments Achieve Key Milestone in Preparation for Brisbane 2032 Olympics

Queensland has reached an Olympic milestone, after the state and federal governments…
New Zealand sports reporter Tiffany Salmond has opened up on why she has not been seen on Fox Sports' NRL coverage this season

TV sports reporter alleges she’s been shunned by networks plotting against her.

New Zealand sports reporter Tiffany Salmond has claimed she has been ‘sidelined’…