Review déjà vu

Recently, ASIC announced it is reviewing lead generating firms and the licensees that use their services and encourage retail investors to change their superannuation arrangements.

- By Jamie Williamson

While I acknowledge there are plenty of financial advice groups and businesses using lead generation services legitimately, if the First Guardian and Shield collapses have taught us anything, it's that lead generators require more oversight.

The regulator knew for several years before it all came crumbling down that lead generators were funnelling unknowing investors into what was ultimately First Guardian and Shield.

Given they collapsed so long ago now, it's anybody's guess how many more unwitting Aussies have received a call from a lead generator since that's steered them wrong - only time will tell, I suppose.

As part of its review, ASIC is publishing the names of known entities involved in lead generation, those acting as referral partners, and advice licensees and corporate authorised representatives (CARs) that have acquired leads since the middle of 2024.