Consumer Action welcomes ASIC review into ‘lead generators’ – a focus of our designated complaint
Consumer Action Law Centre CEO Stephanie Tonkin has warmly welcomed moves by the Australian Securities and Investment Commission (ASIC) to review and investigate financial advice licensees using lead generation services – the process of identifying someone as a potential sales target, often without the consumer’s knowledge.
“We hear about lead gen businesses lurking on the internet and social media platforms, harvesting and selling personal information without consent, promoting high pressure, unwanted and manipulative sales,” Ms Tonkin said.
“It’s high time to bring dodgy lead generation businesses out from under the shadows.”
In March 2025, Consumer Action made the first designated complaint to the Australian Competition and Consumer Commission (ACCC), identifying lead generation as a significant market issue for Australian consumers, causing serious financial and personal harm to individuals.
“ASIC’s action in the wake of the Shield and First Guardian collapses is confirming that lead generation presents a huge risk in superannuation. We couldn’t agree more. We also see harm from lead gen across the economy, contributing to deep personal and financial harm in the sale of consumer goods and services like solar panels or education courses,” Ms Tonkin said.
“Lead generation is a systemic market issue, and we are calling for government to consider genuine reform. ASIC has made a great first step by naming these entities – but lead generation needs to be properly regulated, and government needs to consider a full ban in high-risk sectors like superannuation.”
Read our briefing paper Lead Gen under the Lens , and our designated complaint on unsolicited selling and lead generation to the ACCC.
ENDS
Media contact: Mark Pearce mark@consumeraction.org.au Tel: 0413 299 567
