Outgoing ASIC Chairman Joe Longo has called for a ban on unlicensed communications about superannuation in his final speech in the role, warning of large-scale misconduct targeting Australian retirement savings. Speaking at the Financial Counselling Australia Conference in Cairns on Thursday, Longo described lead-generation pipelines that channel customers into worthless schemes as a form of "industrial-scale misconduct" against superannuation members.
Longo said cold-call and online marketing channels exploiting Australia's roughly A$4 trillion superannuation system have produced 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 these activities rather than pursuing individual operators only after consumers have suffered losses.
Focus on referral networks and failed funds
The proposal forms part of ASIC's broader crackdown on referral networks that directed investors into two of the most prominent failures during Longo's tenure: the Shield Master Fund and the First Guardian Master Fund. According to Longo, roughly A$421 million has been returned to investors in connection with these two cases so far, with enforcement actions against trustees, advisers and referral firms still progressing through the courts.
Longo also rejected suggestions that ASIC should handle more matters quietly. He said that "watchdogs need to both bark and bite to be effective," defending the public-facing enforcement posture that has characterised his time as chairman.
Enforcement outcomes and emerging risks
Reviewing ASIC's recent performance, Longo outlined an enforcement build-out that has more than doubled the number of formal investigations the regulator undertakes each year and has roughly quadrupled the value of penalties obtained. About A$411 million in civil penalties has been secured so far in the current fiscal year, following a record A$583 million returned to consumers in the second half of 2025.
ASIC has also taken down close to 12,000 phishing and investment scam websites in the past year as part of its efforts to protect consumers from fraud. Looking ahead, Longo identified agentic AI as the next pressure point for the regulator, signalling that rapidly evolving technology will shape future enforcement priorities.
Leadership transition at ASIC
Longo's term as ASIC Chairman ends next month. Deputy Chairwoman Sarah Court will succeed him, becoming the first woman to lead ASIC since the agency was established in 1991. The leadership change comes as the regulator continues to pursue court actions related to failed investment schemes and to advocate for stronger protections around Australia's superannuation system.
