‘Just hang up’: ASIC advises Aussies as cold callers drain super balances

Working Australians are being targeted and pressured into switching from their superannuation products by cold callers, risking their retirement savings being drained of potential returns and significant fees.

Jack Smith* was on his way home from work one day when he was contacted by a cold caller who offered him a free superannuation review.

Smith, who had $410,000 in super and $80,000 in life and disability insurance, was instead subjected to high-pressure sales tactics.

The cold caller made misleading claims about his existing fund’s fees and performance and cast fear and doubt over its ability to sustain his retirement, suggesting he manage his own fund and invest in a property scheme.