Australian Securities & Investments Commission names 19 additional entities in superannuation lead generation review

The Australian Securities & Investments Commission has updated its public list of known entities involved in lead generation activity linked to superannuation switching, adding 19 more entities to the 44 named in February 2026. The list covers lead generators, referral partners, and advice licensees or corporate authorised representatives that had acquired leads since 1 July 2024, as part of ASIC’s review of practices that may inappropriately or unnecessarily encourage consumers to change superannuation funds. ASIC said publication of the names is intended to improve transparency and should not be taken as an indication that any law has been broken. At the same time, it warned consumers to be cautious where superannuation sales activity involves pressure to act quickly, claims that an existing fund is underperforming, offers of free super checks or lost super recovery, heavy reliance on phone-based engagement, limited adviser contact, poor disclosure, unrealistic return promises, or unlicensed involvement in the advice process. Financial advisers and advice licensees using lead generation models should assess whether they can still meet their legal obligations, and superannuation trustees should compare these risk features against their own data to identify high-risk switching conduct. ASIC said lead generators that mislead consumers, use high-pressure tactics, or provide financial services without a licence risk contravening the law, and licensed entities that engage them share that risk. The review of advice licensees using lead generation business models is continuing, with enforcement action possible where ASIC finds evidence of contraventions, and a report on the work is planned later this year.