ASIC Warns on Super “Health Check” Ads: How Lead Gen Funnels Push Risky Switches | Alan Kirkland

Money Magazine’s Friends With Money podcast host Ryan Johnson speaks with ASIC Commissioner Alan Kirkland about online “free super health check” sites, quizzes, and social media ads used as lead‑generation funnels that collect contact details, trigger telemarketing, and can pressure people to switch super into riskier, more expensive products.

Kirkland explains ASIC’s review and its transparency list (44 firms so far), noting that listing is not a finding of wrongdoing and the list will be updated while the review continues. He outlines common funnel tactics, investor harms seen in cases like First Guardian and Shield, and why switching into platform products or self‑managed super funds can reduce protections. Key red flags include unsolicited calls, pressure to act quickly, and offers to “find lost super.”

Consumers are directed to ASIC’s MoneySmart website (moneysmart.gov.au) for trusted guidance and complaints.

00:43 What lead generation means

01:42 ASIC transparency list explained

03:52 Who ASIC Is targeting

04:58 Inside the sales funnel

06:52 When marketing breaks laws

08:12 Case study: First Guardian

10:28 APRA vs ASIC and SMSFs

12:51 Red flags for consumers

14:15 Where to get help

Podcast Links:

Listen on Apple Podcasts

Listen on Spotify

Money Website

YouTube Podcast Playlist

Email Us: podcast@moneymag.com.au

Get stories like this in our newsletter: bit.ly/3GDirbR