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Beware super cold calls

July 28th, 2020

First Super members are urged to be cautious about a new style of cold call offering help with your superannuation. If someone phones you to talk about your superannuation and they are not calling from your super fund, they may not have your best interests at heart.

Our Member Services Team has received reports that companies acting as financial advice referral services have been targeting our members. Their telemarketers use hooks, such as offering to assist with early release of super, or create a sense of urgency by mentioning changes to insurance in super legislation mean that you might lose your cover.

They then offer a “free” review to “help” and ask for permission to pass your contact details to an external financial planning practice. In order to process your referral, they ask personal questions, such as your age, your income, and your super account balance.

In reality, the services they offer are all available from First Super as part of your membership benefits.