Albanese government announces major superannuation cold calling crackdown: What you need to know

The Albanese government is set to unveil a major crackdown on superannuation cold-calling, aimed at preventing another collapse like the Shield or First Guardian schemes. Financial Services Minister and Assistant Treasurer Daniel Mulino will use his first National Press Club address to announce tougher penalties for breaches of anti-hawking laws, banning unlicensed telemarketers from making unsolicited approaches to persuade Australians to switch super funds, and restricting advisers to contacting only existing clients rather than prospective ones.

The reforms target the "lead generator" model, in which third parties funnelled personal details gathered through online "super health check" services to advisers, allegedly steering thousands of savers into risky, now-collapsed schemes. First Guardian's collapse alone wiped out $1.2 billion, with liquidators recovering just $1.6 million so far, while ASIC alleges director David Anderson moved $274 million offshore and bought a $9 million mansion. More than 11,000 Australians are said to have lost savings, including teacher Tess Ogara, who lost a $500,000 nest egg days before turning 65, prompting advocacy group SOS Save Our Super to welcome the tighter rules.