01 August 2025
ASIC has issued a consumer alert warning Australians to be wary of high-pressure tactics urging them to quickly switch their superannuation.
The warning comes in the wake of the First Guardian Master Fund collapse, in which thousands of Australians are expected to lose their retirement savings.
In its alert, ASIC flags cold calls, social media ads and “free super health check” offers designed to lure people into switching their super into high-risk or unsuitable investments. These approaches often involve unlicensed salespeople and referral networks.
The First Guardian scandal serves as a stark example of the risks. Over 6,000 investors were referred into the now-failed fund, many through unsolicited calls and pressure tactics.
ASIC’s advice is clear. ‘If you are unsure or feeling pressured, just hang up.’
There can be significant benefits to switching and/or consolidating your super. However, you should only act after careful consideration.
We recommend the following to protect yourself:
· Don’t engage with unsolicited calls/messages.
· Question the motivation behind any recommendation. If the adviser is tied to the product, the advice may not be in your best interests.
· Check licensing and credentials. You should only act on advice from a licensed financial adviser.
At Sky Accountants, we provide access to qualified, licensed financial advisers who offer independent and professional advice. We are not tied to any super fund or investment product, so you can be confident you’re getting unbiased advice that’s tailored to your needs.
If you’re unsure about your current super, or have been approached to switch, get in touch. A second opinion could make all the difference.