Beware pushy sales tactics targeting your super

The Australian Securities and Investments Commission (ASIC) has warned Australians to beware of high-pressure sales tactics aimed at getting people to switch superannuation providers.

.

How to keep your super safe

The Australian Securities and Investments Commission (ASIC) has warned Australians to beware of high-pressure sales tactics aimed at getting people to switch superannuation providers.

The regulator has warned that “clickbait” ads, comparison websites and promises of unrealistic returns are among the tactics being used to entice Australians into switching their retirement savings, sometimes into risky or unsuitable schemes.

Here’s what to look out for — and what to do if you’re contacted.

 

Why you might be targeted

Promoters of these schemes often benefit financially when you switch your super.

For example, they might charge fees to your super fund for providing advice. They might also recommend setting up a self-managed super fund, which would incur set-up and ongoing administration fees, even if the product isn’t appropriate for you.

They could also benefit from fees or commissions for moving your superannuation into a different financial product.

Often, the salespeople will make you feel like you need to decide immediately or risk missing out. But it’s important to push back and take time to stop and think before risking your retirement savings.

During sales calls, the caller may transfer you to a licensed financial adviser. ASIC warns this can be a “tactic to show they are legitimate, but they will pass you back to the salesperson to collect information, provide the advice and close the deal.”

If you’re after financial advice, instead shop around and find an adviser that suits your needs.

 

Red flags to watch for

ASIC warns that consumers should be alert to these tactics and be cautious when contacted to review or switch their superannuation.

ASIC says red flags include:

  • High pressure sales tactics.
  • Cold calls.
  • The touting of free superannuation ‘health checks’ and prizes (often via social media advertisements or websites).
  • Offers to find and consolidate ‘lost super’ for free.
  • The involvement of unlicensed people in the advice process.
  • Predominant engagement over the phone with limited in-person client contact with a financial adviser.
  • Poor or no product disclosure.
  • Promises of high or unrealistic returns.

 

What to do if you’re contacted

If you receive a suspicious or unsolicited call about your superannuation, ASIC suggests:

  • Hanging up immediately.
  • Blocking the number of the caller and consider joining the Do Not Call Register.
  • Reporting it to your super fund — if you have given out personal information, call your current super fund and tell them so they can block withdrawals.
  • Talk to someone you trust – like a family member, friend, or a financial adviser.

 

How to check your super safely

If you’re wanting to check up on your super, keep in mind the Australian government has built an online comparison tool that can help.

The ATO’s ‘YourSuper comparison’ tool compares super funds that – like Vanguard Super – offer a ‘MySuper’ product. MySuper products are designed to be simple, low cost and easy to compare.

A good place to start your research is your annual super statement, which includes details about your fund’s fees and investment performance. Often, you can access a digital copy via your super fund’s website or online portal.

By being more engaged with super, you can make sure it’s working as hard as it should. To learn more, visit the educational resources on the Vanguard Super website.

 

 

 

 

 


By Vanguard
8 October 2025
vanguard.com.au

Want to know more?

Do you have a question about something you've read in this article? Need more information? Want to book an appointment? Simply let us know below and we'll get back to you ASAP.

General Disclaimer

The information contained on this website is general in nature and does not take into account your personal circumstances, financial needs or objectives. Before acting on any information, you should consider the appropriateness of it and the relevant product having regard to your objectives, financial situation and needs. In particular, you should seek the appropriate financial advice and read the relevant Product Disclosure Statement or other offer document prior to acquiring any financial product.

Dr John Tickell is a registered Medical Doctor, who graduated at the University of Melbourne, Australia. Dr John has spent several decades travelling and researching the eating and living habits of the longest living, healthiest people on our planet.

The author may give opinions and make general or particular statements in this literature regarding potential changes of lifestyle habits based on experience and research. You are strongly advised not to make any changes or take any action as a result of reading or listening to this material without specific advice from your doctor, physician or registered Health Professional.

The author, the Publisher, the Editor and their respective employees or agents do not accept any responsibility for the actions of any person, or injury, loss or damage occasioned - actions which are in any way related to information contained herein.

Opinions and statements in this literature are based on verified research and experiences by the authors and are to be regarded as health and wellness advice.

Privacy Policy

What Personal Information Do We Collect?

The personal information that we collect will depend on your relationship with us and the service(s) you or your organisation have engaged us to provide or are interested in. It may include:

Name and contact information (including telephone and mobile number, email address and residential and postal address);

Individual information (including racial or ethnic origin(s), language(s) spoken, religious belief(s) and affiliation(s), date of birth, age, place of birth, gender(s), occupation(s), employment and qualification details, financial records, income details, asset listings, taxation records, bank account details, insurance policies, medical history, disability status, criminal record and Court records);

Payment and transactional information (including banking and credit card details);

Other personal or sensitive information (including information contained in communications or documents, any information required due to the nature of your matter, or information we are required to or permitted to collect by law).

Collecting Personal Information

HOW WE COLLECT PERSONAL INFORMATION

We may collect your personal information directly from you or in the course of our dealings with you. For example, we collect personal information from you or about you from:

Correspondence between you and us;

Meetings and interviews with us, telephone calls with us, the instructions you provide to us;

Visits to and submissions you make on our website;

Your interactions with our electronic direct mail and/or emails from our marketing campaigns (such as clicks on links included in these emails); and

Registration and forms you may fill in for our marketing-related activities and events.

WHY WE COLLECT, HOLD AND USE PERSONAL INFORMATION

We collect and hold your personal information for a variety of purposes, and you permit us to use it:

To provide you with our services and carry out our business functions;

For purposes related to the provision of our services such as , educational briefings, seminars and coaching and other service offering updates, conducting client satisfaction surveys and feedback requests, statistical collation and website traffic analysis;

Where you have consented to its use or disclosure;

Where we reasonably believe that use or disclosure is necessary to lessen or prevent a serious, immediate threat to someone's health or safety or the public's health or safety;

Where we reasonably suspect that unlawful activity has been, is being or may be engaged in and the use or disclosure is a necessary part of our investigation or in reporting the matter to the relevant authorities;

Where such use or disclosure is required under or authorised by law (for example, to comply with a subpoena, a warrant or other order of a court or legal process);

Where we reasonably believe that use or disclosure is necessary for the prevention, investigation, prosecution and punishment of crimes or wrongdoings or the preparation for, or conduct of, proceedings before any court or tribunal (or the implementation of orders of a court or tribunal or on behalf of an enforcement body);

To develop and improve our business, products and services; and

For any lawful purpose.

Where we wish to use or disclose your personal information for other purposes, we will obtain your consent.

HOW WE HOLD AND STORE PERSONAL INFORMATION

Your personal information is held and stored on paper, by electronic means or both. We have physical, electronic and procedural safeguards in place for personal information and take reasonable steps to ensure that your personal information is protected from misuse, interference, loss and unauthorised access, modification and disclosure:

Data held and stored on paper is stored in a secure premises.

Data held and stored electronically is protected by internal and external firewalls, high encryption and all access to electronic data including databases requires password access

Access to personal information is restricted to staff and contractors whose job description requires access. Our employees and contractors are contractually obliged to maintain the confidentiality of any personal information held by us.

We undertake regular data backups, with the data copied and backed up to multiple locations for redundancy purposes.

Our staff receive regular training on privacy procedures.