Regulators and consumer advocates have warned Australians scammers are targeting their retirement savings. (Unsplash: Andre Taissin)
Telemarketers who cold call people trying to convince them to switch super providers will need to be licensed.
Unlicensed telemarketers who cold call and make unsolicited approaches to convince people to switch their super will be banned under long-awaited reforms.
Assistant Treasurer Daniel Mulino will appear at the National Press Club today and announce a suite of reforms to better protect Australians from operators that rob them of their retirement savings.
The reforms follow the collapse of the Shield and First Guardian funds, which saw 12,000 people lose more than $1 billion in retirement savings and exposed deep flaws in the regulation of Australia's almost $4.5 trillion retirement savings pool.
Currently, people might go on Facebook and click an ad that looks innocent, like "Find Your Lost Super" or "Check Your Super", but then gives permission for a telemarketer, also known as a "lead generator", to contact them and suggest they connect with a financial adviser to switch their super.
Mr Mulino said that, under the changes, lead generators would need to be licensed to advertise.
Daniel Mulino will present superannuation reforms at National Press Club. (ABC News: Stuart Carnegie)
It stops short of the outright ban on advertising that some consumer groups have been calling for.
The assistant treasurer said there would be "exceptions" to protect advocacy, educational and employment communications.
The collapses of the First Guardian and Shield schemes have exposed deep flaws in the regulation of Australia's $4.3 trillion superannuation sector.
"They target the point at which consumers are first exposed to harm and reduce the ability of bad actors to gain access to consumers in the first place."
Mr Mulino said he also wanted to "strengthen the anti‑hawking regime to enhance consent requirements, limit the existing financial advice exemption to existing client relationships and strengthen penalties for breaches".
That would require licensees "to take reasonable steps to ensure lead generation activities comply with relevant regulatory and legal requirements".
Michael Johnson is one of thousands of investors who lost his retirement savings, along with his wife, Caroline, when First Guardian collapsed in April 2025.