In an address at the Ecstra Financial Wellbeing Summit in Sydney, Australian Securities and Investments Commission (ASIC) Commissioner Alan Kirkland called for financial capability efforts to prioritise digital literacy, simpler support for consumers who have suffered losses and evidence of behavioural change. Consumers need help distinguishing reliable information from marketing and manipulation as social media, AI-generated answers and increasingly sophisticated scams complicate financial decisions.
ASIC’s work with investors affected by the Shield and First Guardian collapses illustrates the need to tailor communications and simplify access to help. More than 11,000 people lost money, with many having been persuaded by lead generators to move their superannuation. Warnings were adjusted to reflect investors’ experiences of friendly, persistent sales approaches rather than overt pressure. Work with Super Consumers Australia also helped simplify complaints through accessible information and a partially completed complaints form. The number of investors lodging complaints rose from fewer than 2,000 in February to around 4,000. For many affected investors, a complaint to the Australian Financial Complaints Authority may be the only route to compensation.
ASIC intends to use a financial wellbeing index developed through research with RMIT to measure behavioural change, moving beyond website visits and advertising reach as indicators of success. It also plans to share results from the Organisation for Economic Co-operation and Development’s Adult Financial Literacy Survey at an insight sharing session in early 2027.