The Australian Securities and Investments Commission (ASIC) will undertake a review of advice licensees that use lead generation services to understand the nature of those arrangements, particularly in regards to superannuation switching, and if required take disruptive or enforcement action.
The corporate watchdog stated certain practices carried out by some lead generation services may expose consumers to the risk of significant losses and as part of the review has published a list of known entities involved in lead generation, those acting as referral partners, and advice licensees or corporate authorised representatives that have acquired leads since 1 July 2024.
The list, available on the ASIC and Moneysmart websites in two tables, names 21 entities involved in lead generation and those that act as referral partners, and 23 advice licensees or corporate authorised representatives that have acquired leads.
ASIC emphasised the inclusion of any entity on the list was based on information it currently had and implied no wrongdoing.
“Tables 1 and 2 are not exhaustive and are based on the information available to ASIC as part of our review at the time of publication, 18 February 2026. The name or contact details may have changed since an entry was added,” the regulator stated.
“While this information relates to the period from 1 July 2024, some entities included in Table 1 and 2 may have ceased involvement in lead generation activities by or after the time of publication.
“The naming of the entities in Table 1 and 2 should not be construed as an indication by ASIC that a contravention of the law has occurred, nor should it be considered a reflection upon any person or entity.”
It added it would continue to update the list of entities involved in lead generation, acting as referral partners or engaging the services of lead generators to improve transparency for consumers.
At the same time, the latter should be cautious when dealing with any business that uses lead generation and applies pressure to act immediately, claims an existing fund is underperforming, offers free superannuation health checks or to find and consolidate lost super at no cost, or involves unlicensed people in the advice process with engagement mainly taking place via phone calls, as well as poor or no product disclosure and promises of high or unrealistic returns.
ASIC also issued a warning that any financial advisers, advice licensees and superannuation trustees involved in lead-generated poor advice would be a target of enforcement action.
“Lead generators that mislead consumers, utilise high-pressure tactics or provide financial services without a licence will risk contravening the law,” it said.
“Licensed persons or entities that engage the services of lead generators acting in this way share this risk.
“ASIC is putting participants on notice and will consider taking enforcement action where we detect evidence of contraventions of the law.”
