With the conclusion of the financial year, Australians are assessing their superannuation performance, a period during which promoters aggressively market products promising enhanced returns. ASIC highlights the difficulty for the average investor to discern the genuine intent behind these offers. The campaign is led by ASIC Deputy Chair Sarah Court, who aims to raise public awareness about these potentially risky schemes.
Many of the calls received by consumers on behalf of promoters do not exhibit the typical signs of scams, complicating the task for investors to determine legitimacy. Callers often claim they have the investor's best interests in mind, offering services to track lost super or promising superior investment products. Court notes that referrals to financial advisors are sometimes used to lend an air of authenticity.
ASIC suggests that consumers should question the salesperson’s affiliation with the fund to identify any commission-based incentives. Recognising pressure tactics, unexpected calls, and promises of unbelievable returns are vital for consumer protection. Court advises consumers to disengage by hanging up if they feel uncertain or coerced.
This call to action by ASIC underscores the importance of vigilance in preserving superannuation assets. As consumers become targets for these complex marketing schemes, maintaining a cautious approach is essential. Furthermore, industry observers anticipate that ASIC will continue their efforts to educate investors and heighten protection measures within the superannuation sector.
Moving forward, the financial authority is expected to intensify its regulatory initiatives, ensuring more stringent oversight of promotional activities within the superannuation landscape. This proactive approach could lead to more significant interventions, safeguarding investors from potential financial pitfalls presented by high-pressure fund redirection schemes.
