ASIC Issues Final Warning Over Financial Advice Lead Generation

Australia’s financial regulator, ASIC, issued a final warning that financial advice firms could put their licences at risk by using third-party lead generators. Its November 9, 2026, report on 15 Australian financial services licensees found that some outsourced providers assessed clients’ risk profiles or discussed investment recommendations.

When a Referral Becomes Personal Advice

A lead generator can make a referral by arranging a meeting with an adviser. Recommending a switch to a specific superannuation fund can amount to personal financial advice if the caller considers the client’s goals, financial situation or needs, or if a reasonable person might expect them to have done so. ASIC says licensees must ensure that only authorised advisers give personal advice and that those advisers act in their clients’ best interests.

More Than A$678 Million Switched or Invested

From January 2025 to June 2026, lead generators referred 7,639 new clients, or 35% of all new clients across the firms reviewed. Those referrals led to more than A$678 million being switched or invested, with roughly 90% coming from superannuation savings.

ASIC found that some firms had limited access to lead generators’ call recordings or did too little to track which products advisers recommended. Some callers used potentially misleading claims or compared fund performance on an unequal basis to encourage a switch.

Investor Warning

Be wary of unexpected calls offering a free superannuation check or pressuring you to switch funds quickly. Check the adviser’s authorisation on the Financial Advisers Register before agreeing to a transfer. For more investor alerts or to ask about a financial service provider, visit BrokersView Q&A.

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