ASIC Action – Anti-hawking reforms

A $70,000 penalty has been imposed on National Advice Solutions Pty Ltd under the anti-hawking provisions which commenced in 2021.

National Advice Solutions made unsolicited calls to consumers, encouraging them to roll over their superannuation into different superannuation products. Initial and ongoing fees for the rollover were charged by National Advice Solutions.

What does this mean for licensees?

ASIC stated that the reforms to the anti-hawking regime were made "in response to clear consumer harm when it came to the unsolicited calls involving financial products..." and that it will continue to pursue court action where it sees licensees disregarding the prohibition on hawking financial products.