ASIC Warns Lead-Generation Advice Models Could Put…
By Rick Steves
AI summary of the source article
ASIC has warned financial advice licensees that using lead-generation services could put their licences at risk. A review of 15 firms found unlicensed marketers conducting fact-finding, assessing consumer risk, and using weak controls to prompt superannuation switching.
Why it matters
The danger is greater for retirement savings because a transfer may trigger fees, insurance changes, tax consequences or a different investment risk profile.
Key facts
- Lead generators referred 7,639 new clients—35% of all new clients—to 15 reviewed advice firms between January 2025 and June 2026.
- Over A$678 million was switched or invested through these referrals, with roughly 90% originating from superannuation savings.
- Advice businesses received A$9.8 million in initial fees alongside commitments for A$4.5 million in ongoing fees.
Source excerpt · FinanceFeeds
Australia’s corporate regulator has warned financial advice licensees that using lead-generation services may put their licences at risk after a review found some unlicensed or unqualified marketers involved in fact-finding, assessing consumer risk profiles and discussing advice recommendations. The Australian Securities and Investments Commission said the review of 15 advice licensees found weak…