CBUS backs regulator calls to crackdown on lead generators
7 May 2026
MEDIA RELEASE
CBUS Super has welcomed calls from the outgoing ASIC Chair Joe Longo on banning cold calling in super and disrupting the lead generation industry.
The Fund has been a vocal advocate for changes to the superannuation system to crackdown on lead generators and ensure all products meet consistent standards.
Many Australians caught in the Shield and First Guardian collapse lost their savings after a call from a lead generator or a click on a social media ad urging them to do a ‘super health check’.
CBUS Super CEO Kristian Fok said the Fund would continue to push for strong reforms to safeguard the savings of its more than 900,000 members, including via the Government’s consultation on enhancing member protections in super.
“We wholeheartedly support Joe Longo’s call to stamp out lead generation activity, which is putting Australians’ retirement savings at risk,” he said.
“We’ve been really clear about the need for a more contemporary and resilient framework to protect people from these predatory and high-pressure sales tactics.
“We are calling for an outright ban on these tactics to protect members’ hard-earned savings. We will continue to advocate for our members and for everyday Australians to protect what they’ve earned and maintain trust in the compulsory superannuation system.
“As long as there are gaps in the system, Australians’ retirement savings will be at risk from unscrupulous operators.”
Anti-hawking laws to stop the unsolicited selling of super were brought in as a response to the misconduct uncovered during the Banking Royal Commission. But lead generators use clickbait ads offering a free super check to get around these laws, selling these leads to dodgy super spruikers who pressure members to switch their fund, often to high-risk schemes.
Mr Fok said these business models that combine high-pressure sales and the AI-powered targeting of members on social media cannot be effectively regulated and should be banned outright.
In his final speech as head of ASIC delivered today, Mr Longo said there is evidence of ‘industrial-scale misconduct’, with a ban on unlicensed communications the most effective solution.
CBUS members are increasingly being targeted through social media, where clicking a video and completing a free survey can lead to high-pressure sales calls masquerading as legitimate financial advice.
In their own words CBUS members have described the tactics of pressure and confusion these operators deploy:
“If you say you're not interested you get another call the next day by someone else…they keep calling you back until you give in, and before you hang up they ask you a million questions… you hear a lot of people getting scammed like this… and they keep pushing you until you break,” CBUS Super member, 36.
“Very full on at the start, but once you signed up that was it… they were hard to find after that one,” CBUS Super member, 56.
Media enquiries: media@cbussuper.com.au or +61 3 9100 4930
CBUS Super is the leading Industry Super Fund representing those that help build, maintain and shape Australia. As one of Australia’s largest super funds, we provide superannuation and income stream accounts to more than 925,000 members and we manage more than $110 billion of our members’ money (as at 31 December 2025). As of April 2022, CBUS merged with Media Super and offers Media Super products. In May 2023 CBUS Super successfully completed its merger with EISS Super, welcoming 17,000 new members and establishing itself as the leading fund for energy and electrical workers in Australia. This information is about CBUS. It doesn’t account for your specific needs. Please consider your financial position, objectives and requirements before making financial decisions. Read the relevant Product Disclosure Statement (PDS) and Target Market Determination to decide if CBUS Super is right for you. Call 1300 361 784 or visit cbussuper.com.au Issued 7 May 2026. United Super Pty Ltd ABN 46 006 261 623 AFSL 233792 as trustee for Construction and Building Unions Superannuation Fund (CBUS and/or CBUS Super) ABN 75 493 363 262.