CBUS Super: Lead generator crackdown a strong first step
19 August 2026
MEDIA RELEASE
CBUS Super welcomes the Federal Government’s moves to strengthen protections in super and remains committed to working towards making sure Australians’ retirement savings are safe from predatory organisations looking to exploit them.
Assistant Treasurer Daniel Mulino today announced plans to introduce new legislation that will outlaw the type of unlicensed super switching sales tactics which led to thousands of Australians losing their life savings in the Shield and First Guardian collapses.
CBUS CEO Kristian Fok said this tangible policy action to clamp down on lead generator activity would help protect working Australians from having their super preyed upon.
“These are incredibly important reforms and we commend the Government for stepping forward and taking action to protect Australians from this predatory behaviour,” he said.
“There is an industrialised lead generator ecosystem pushing out countless online ads, enticing members to switch with promises of big returns, and these changes recognise the harm they’re doing.
“We support these changes as a good first step but we also know there is more to be done. As long as the financial incentive behind these sales tactics remains, we will continue to see our members’ super savings targeted.”
Mr Fok also welcomed new legislation mandating limits on the amount of advice fees that can be deducted from super accounts.
The Fund has been a consistent and vocal advocate for strong action on the lead generation activity; nearly one in three CBUS members can recall being targeted by these types of tactics in the past year, with younger tradies a particular target for these operators.
Cold-call sales for super and financial advice were banned after the Banking Royal Commission exposed widespread harm. Lead generators are now using social media clickbait and comparison surveys to work around the laws and claim consent.
“These social media sharks want to turn people’s super into their own feeding frenzy,” Mr Fok said.
“They prey on the fear of missing out and tap into the popular grind mindset or wealth culture to lure people into risky products and investments, and they do it solely for their own financial gain.
“CBUS will continue to do what we always have: work hard to protect our members’ hard-earned retirement savings and defend their interests.”
CBUS also supports the Government’s moves 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.
The Government also committed to moving ahead with the Delivering Better Financial Outcomes reforms, expanding access to safe, affordable financial advice.
Mr Fok said the changes would enable the Fund to give its members the simple and practical financial advice they need when preparing for and entering retirement.
“We believe super should be simple, so this is a positive change that will enable us to give our members what they need and what they’ve been asking for,” he said.
“There’s absolutely a right time and place for comprehensive financial advice, but for the bulk of CBUS members this change will make things quicker and easier, and stop them seeking advice via less credible sources online.”
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 935,000 members and we manage more than $115 billion of our members’ money (as at 30 June 2026). 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 Super. 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 19 August 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.