ASIC reviewing financial advice businesses using lead generation services
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The news: The corporate watchdog has put advice licensees who use lead generation services on notice as it works to address inappropriate or unnecessary encouragement for consumers to switch their superannuation.
The context: The Australian Securities and Investments Commission (ASIC) is concerned that some lead generation services in financial advice and super could expose consumers to a risk of significant losses.
ASIC has commenced a review to identify financial advice businesses that use lead generation services and has published a list of known entities involved in lead generation, those acting as referral partners, and licensees or authorised representatives that have acquired leads since 1 July 2024.
It noted that the list does not mean a contravention of law has occurred.
What they said: “ASIC is putting participants on notice and will consider taking enforcement action where we detect evidence of contraventions of the law,” ASIC said.
The source: ASIC media release
