ASIC has highlighted that one of its main focus points in 2026 will again be high-pressure sales tactics and inappropriate financial advice.<\/p>\n
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Outgoing ASIC chair Joe Longo said highlighting the key issues for 2026 helps direct attention to where risks are most likely to emerge and underscores where ASIC is focused to safeguard trust, integrity and confidence in Australia\u2019s financial system.<\/p>\n
He noted that consumers losing their retirement savings through investments in high-risk products, including as a result of high-pressure sales tactics and inappropriate financial advice was one of the regulator\u2019s major focus areas for the coming year.<\/p>\n
\u201cAggressive marketing, lead\u2011generation and \u2018cookie\u2011cutter\u2019 advice models have been driving switches of superannuation into complex, high\u2011risk investments that are often unsuitable for average consumers, for example through certain managed investment schemes,\u201d he said.<\/p>\n
\u201cASIC is working closely with government and consumer groups to address legal and regulatory gaps, and deliver education campaigns to empower Australians to better identify risks to their retirement savings. While the pathway to compensation can be uncertain when these schemes collapse, ASIC has 12 court cases underway related to the Shield and First Guardian matters to hold people and organisations to account.\u201d<\/p>\n
Another of the regulator\u2019s focus areas for 2026 is operational failures by superannuation fund trustees leading to member harm.<\/p>\n
Longo noted that member services problems like delays in processing claims, inadequate support and services for customers, poor IT infrastructure and cyber resilience, and escalating risks of fraud and scam activity all underscore superannuation fund operations as a key issue.<\/p>\n
\u201cThose operational failures by trustees or administrators can result in significant financial losses, compound distress for people facing difficult circumstances, and of course erode trust in the system as a whole,\u201d he said.<\/p>\n
\u201cWith nearly three million Australians set to become eligible to access their superannuation over the next decade \u2014 and more than $750\u202fbillion expected to move from accumulation into retirement \u2014 it is essential that the superannuation system is prepared to manage potential operational challenges.\u201d<\/p>\n
Furthermore, ASIC will also be targeting increased retail client exposure to private credit markets, with Longo adding that retail access to private credit and other private market products is expanding.<\/p>\n
He said as investment thresholds decrease to as low as $2,000, and investment platforms (including superannuation) enable participation in inherently less transparent and in some case more complex products, this risk of mis\u2011selling, unsuitable product selection raises.<\/p>\n
\u201cAs\u00a0ASIC identified in November (REP 821), private markets are opaque, and Australia has limited regulatory reporting outside superannuation, meaning constrained supervision and potential heightened risks for investors,\u201d he said.<\/p>\n
Digital assets are also on ASIC\u2019s radar especially the regulatory gaps related to these emerging financial sector participants.<\/p>\n
\u201cRapid innovation by or for people unfamiliar with financial services \u2013 particularly in digital assets and fintechs \u2013 continues to create risks including with unlicensed advice, misleading conduct, and the exploitation of unclear regulatory boundaries,\u201d Longo said.<\/p>\n
\u201cWhere a business is currently legitimately unregulated, it is ultimately for government to determine whether a new class of products or services should be brought within a licensing regime.<\/p>\n
\u201cAt the same time, some entities will actively seek to remain outside regulation, contributing to perceived regulatory uncertainty. As a result, ensuring clarity on licensing requirements and maintaining effective perimeter oversight will remain priorities for ASIC in 2026.\u201d<\/p>\n
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Keeli Cambourne
\nJanuary 29, 2026
\nsmsfadviser.com<\/p>\n","protected":false},"excerpt":{"rendered":"
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