Watch out for pushy sales tactics about moving your super

July 4th, 2025

The financial watchdog ASIC has issued a warning to look out for sales calls or click bait advertising to pressure people to switch their super into another fund, or risky investments.

In some cases, this has resulted in people being pushed into moving their super to higher-risk, lower performing super investments, and charging unnecessary fees, which can reduce retirement savings.

Specifically, ASIC is concerned that people are being encouraged to move their super into complex and risky schemes.

What to look out for

The watchdog has said that these companies contact people either through:

Directly cold-calling people offering to review or switch super into another fund. These companies can obtain people’s contact details by a third-party data broker.
Ads on social media encouraging people to review their super. If you click on the ad and provide personal information, you could be targeted by a cold call.

What should I do if I think I am being targeted?

Be wary of any calls offering to switch to another super fund, especially if you are being pressured to make a quick decision, as this may not suit your financial circumstances. Also take care when clicking on ads on social media and sharing your personal or financial information.

Look out for red flags, such as high-pressure sales tactics which try to force you to make a quick decision or promises of high or unrealistic returns and poor product disclosure. If this happens then you should get advice from someone who is independent.