“ASIC will intervene to stop practices that lead to poor consumer outcomes and destroy trust in the financial system,” ASIC Commissioner Sean Hughes said. Those other products can generally be sold through cold calling. The data is published on a monthly basis. Superguide Pty Ltd ATF Superguide Unit Trust as a Corporate Authorised Representative (CAR) is a Corporate Authorised Representative of Independent Financial Advisers Australia, AFSL 464629. From January 13 cold callers will no longer be able to sell funeral, life or consumer credit insurance to unsuspecting consumers. The crackdown follows revelations of unconscionable and unlawful behaviour at the financial services royal commission. Do not provide your personal, banking or superannuation details to strangers who have approached you. Unsolicited sales calls from insurance companies will soon be a thing of the past, following a new ban. Businesses can also sign up to the ACCC’s Small Business Information Network to receive emails about new or updated resources, enforcement action, changes to Australia’s competition and consumer laws, events, surveys and scams relevant to the small business sector. No vaccine or cure presently exists for the coronavirus. This error has been fixed for future months. Charities slammed by triple threat as coronavirus damage takes its toll, Vegans rising: Australia second in the world for veganism as Gen Z snubs lab-grown meat, Industry super funds to invest $33 billion in job creation, Victorian real estate agents push back against calls to block rent reductions, Call for diversity as Aussie model with disability prepares for catwalk at New York Fashion Week, Burger chain Grill’d faces grilling by Fair Work Ombudsman. Follow up research found that people with over $300,000 in wealth management funds were most likely to seek advice (41.9%), followed by those with $126,000-$300,000 (19.3%). Another tactic is to ring and ask if a further call can be made to discuss insurance or financial products. Be wary of sellers requesting unusual payment methods such as upfront payment via money order, wire transfer, international funds transfer, preloaded card or electronic currency, like Bitcoin. How do pandemics usually end? For more information, see our Superannuation early-access scams fact sheet. The scammers use a variety of excuses to request information about your superannuation accounts, including: offering to help you access the money in your superannuation; ensuring you’re not locked out of your account under new rules. They may refer to the government’s superannuation early release measures, and ask questions such as: Many Australians are facing financial hardship due to the COVID-19 pandemic. On 22 March, the Australian Government announced eligible individuals would be allowed early access to their superannuation. All rights reserved. Scammers are pretending to be from real and well known businesses such as banks, travel agents, insurance providers and telco companies, and using various excuses around COVID-19 to: Scammers are taking advantage of people in financial hardship due to COVID-19 by attempting to steal their superannuation or by offering unnecessary services and charging a fee. Visit the Scamwatch news webpage for general warnings and media releases on COVID-19 scams. You are generally not allowed to cold call members of the public to sell securities, although if you are an Australian financial services licensee you may do so in certain circumstances. If you have been scammed or have seen a scam, you can make a report on the Scamwatch website, and find more information about where to get help. They may find you by: You can help others by talking and sharing information about scams when connecting with your friends, family and colleagues. The majority of these scams start with an unexpected call claiming to be from a superannuation or financial service. Bushfire royal commission findings dismissed as ‘useless’ without action on climate change, Zoe Daniel: ‘Forgotten’ voters backed Trump, now they’re deciding if he heard them, ‘I could die tomorrow’: Meghan Markle’s dad makes desperate plea as baby rumours swirl, Australia welcomes Qatar’s contrition for ‘violations and illegal actions’ against women, Top epidemiologist rates Victoria’s contact tracing ‘gold standard’, despite what Gladys Berejiklian says, Why Asian-American voters are the wildcard that could swing the US Election, Unemployment will always exist. How ASIC regulates financial services and products and what to do when you have a problem with your finances. This data is based on reports provided to the ACCC by web form and over the phone. The best way to detect a fake trader or social media shopping scam is to search for reviews before purchasing. Never call a scammer back on the number they provide. Please try again. Some upper level categories include scam reports classified under ‘Other’ or reports without a lower level classification due to insufficient detail provided. Ask the businesses you connect with regularly about scams they see, how they can protect you and how you can protect yourself. The royal commission found that insurers, including ClearView, had circumvented the law by using cold-calling tactics, mainly on poorer Australians. Scammers are using COVID-19 as an excuse to divert your usual account payments to a different bank account. And in addition to helping customers, the Australian Securities and Investments Commission [ASIC] said the ban will actually benefit the industries it covers. What disclosure documents do you need to give potential investors when raising funds? Contact us; Advertise on SuperGuide; Careers Small business resources in other languages, Professional standards for financial advisers, Appointing and ceasing an AFS authorised representative, Applying for and managing your credit licence, Varying or cancelling your credit licence, Tips for applying for auditor registration, Applying for auditor or authorised audit company registration, Your ongoing obligations as a registered company auditor, Changing your auditor registration details, Self-managed superannuation fund (SMSF) auditors, Updating your details and submitting requests to ASIC, Your ongoing obligations as an SMSF auditor, Applying for and managing your liquidator registration, Your ongoing obligations as a registered liquidator, Changing or cancelling your liquidator registration, Registered liquidator transactions on the ASIC Regulatory Portal, Licensed and exempt clearing and settlement facilities, COVID-19 information – Managed investment schemes, Competition in the funds management industry, Superannuation guidance, relief and legislative instruments, Insolvency for investors and shareholders, Director oversight of financials and audit, Corporate actions involving share capital, Changes to how you lodge fundraising and corporate finance documents. If you have any doubts at all, don’t proceed. With the help of this program, marketers can cross-reference their contact database against the numbers listed in the Do Not Call Registry (similar to a ‘suppression list’ for an email marketing database), and prune any bad or invalid numbers. You can check your super by registering for Australian Taxation Office (ATO) online services via myGov. Subscribe for email alerts on the latest scams. ASIC did not apply our ban more broadly to these products because we did not have evidence (including through the consultation process) of a similar degree of harm associated with other products subject to this exemption,” the ASIC statement said. Information about applying for and maintaining your licence or professional registration. Lodging prospectuses and other disclosure documents. Keep the security on your network and devices up-to-date, and have a good firewall to protect your data. Are you going to apply for the $10 000 superannuation package? Important notice: Fundraising disclosure documents are now lodged with ASIC through the ASIC Regulatory Portal. When the disclosure document has been lodged you may advertise the offer as long as that advertising includes a statement that: For more information see Regulatory Guide 254 Offering securities under a disclosure document (RG 254). When can you raise funds without a disclosure document? Title: International Cold Calling Investment Scams report by ASIC Author: ASIC Created Date: 6/12/2002 11:48:52 PM Subscribe for free to get the latest breaking news and analysis sent to your inbox. Your payment goes to the scammer instead of the real business.