Outgoing ASIC Chairman Joe Longo has called for a ban on unlicensed communications about superannuation, warning that large-scale lead-generation pipelines are exposing Australian retirement savers to significant losses. In his final speech as chairman, delivered at the Financial Counselling Australia Conference in Cairns, Longo described the unlicensed cold-call and online channels targeting the roughly A$4 trillion super system as a form of "industrial-scale misconduct".
Longo said these practices have resulted in cases where everyday savers who "signed up for a free super check have instead lost their life savings." He urged the federal government to intervene at the source of the misconduct rather than rely on chasing individual operators after consumer harm has occurred. According to Longo, advice on superannuation should be subject to the same licensing requirements that apply to other regulated professions.
Enforcement against referral networks and failed funds
The proposal is positioned within ASIC's broader campaign against referral networks that channel investors into high-risk or worthless products. Longo referenced the Shield Master Fund and the First Guardian Master Fund as two of the highest-profile failures during his term, both of which were supported by referral arrangements. He said roughly A$421 million has been returned to investors in connection with those two funds so far, with enforcement actions against trustees, advisers and referral firms still progressing through the courts.
Longo also rejected suggestions that ASIC should resolve more matters quietly. Emphasising the importance of transparency, he argued that "watchdogs need to both bark and bite to be effective," defending the public-facing enforcement posture that has characterised his tenure at the regulator.
Rising penalties and focus on emerging risks
Reviewing ASIC's enforcement record under his leadership, Longo outlined a significant expansion of activity, noting that the number of formal investigations the regulator undertakes each year has more than doubled. Over the same period, the value of penalties obtained has roughly quadrupled. In the current fiscal year, ASIC has secured about A$411 million in civil penalties, following a record A$583 million returned to consumers in the second half of 2025.
ASIC has also intensified efforts to combat online scams, taking down close to 12,000 phishing and investment scam websites in the past year. Looking ahead, Longo identified agentic AI as the next major pressure point for the regulator, signalling that emerging technologies will be a growing focus for future oversight.
Leadership transition at ASIC
Longo's term as ASIC Chairman will conclude next month. Deputy Chairwoman Sarah Court will succeed him, becoming the first woman to lead ASIC since the agency was established in 1991. The change in leadership comes as the regulator continues to confront misconduct in superannuation advice, online scams and evolving technological risks.
