is your super in safe hands? super scams, cold calls & protecting your retirement savings
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What is the episode’s main focus on protecting superannuation from scams?
Today's bonus episode is brought to you by Industry Super Funds. Stop, check your Super Is In Safe Hands, and visit superinsafehands.com for more information. I am joined today by Christian Fock. He is the CEO of C Bus Super. Got a bit of a big dog in the hen house today. Christian, welcome to the show. Thank you, and I'm glad to be here, Glenn. Yeah. Yeah, I'm in Melbourne, the home of C bus. I mean I every building I see Seabus on the side of it, so I feel like I'm In your uh heartland.
Oh well, we're around the country as well. You
are and we might get into some of that stuff a bit later. But look, there's been a rise in people getting cold called, contacted out of the blue about their super. What's happening here?
Well, as you know, the superannuation industry is it's a national success. Like people overseas really admire it. I've been to the States. I think President Trump actually wants to replicate it.
Yeah, yeah, that was one of my little things I was gonna ask you. Yeah.
So But but what what's happened is that, you know, over a long period of time, uh, we've had compulsory superannuation contributions building up to a reasonable amount, twelve percent. And now superannuation for most people is the second biggest asset that they have. And then with that, is attracting a lot of attention who want to get their hands on your savings. Now, uh you you would recall from the uh Banking Rule Commission, there was a lot of findings around high pressure sales tactics, conflicted advice, uh people not acting in the interests of the customers, but their own interests. And so they put in laws to prevent that, anti hawking laws. Anti.
Yeah.
These predatory uh lead generators have popped up to get around those very laws that are designed to protect.
Yeah, so we were actually talking about this on a show a couple of weeks ago now. And just for everyone, when we are talking about uh potential topical things, we are recording this on the eighth of September. Yep. And this is going up on the twenty-fifth of September. So if the world ends tomorrow, you know. I
hope not.
Well, yeah, you've heard this before the world ended. Um With just then as an example, just so I'm very clear. Yeah. These unscrupulous operators who want to f get pe that myths on other people's money and put into schemes that are conflicted and yep, fraudulent potentially. They can effectively pay a 'cause we've all had the calls, right? I've I've had the call. Do you have superannuation? I I
make it a a habit of not answering any phone calls from phone numbers I don't. Yeah. Because there's just too many of those. too many of those. Yeah,
it's a it's a good practice to have. Um so basically the unscrupulous operator, they got around the anti-hawking laws by getting someone to call and almost just go, Oh, do you have super? Do you want a better return? Yes. Oh, we'll introduce you to this company. Well actually
starts even earlier than talking talk us through because I'm Because you've got to sort of give permission.
Yes.
Right. Um Although I think Yeah, there are some operators that ignore that and they just go straight out.
Yeah.
But the way they um give you permission is they put an ad, right? And it's, you know, a free superannuation check. Often it's in the colours of some well branded uh superannuation funds. We've had we've seen examples in C bus colours. Really? In Australian Supers orange colours. So they they they make it look like Yeah, they're an authority and it's free. So you go, Great. You know, click on it. And then they ask you for some simple details. Well sure, you know, you need to sort of tell them, you know, who you're with and how much money you have. So that they can give you that check. And normally you'd think, Okay, well there'd be like a report or they'd send you something, but no, they collect your phone number.
And then you've initiated the contact. That's how they get around it. And then the s the lead generators, they are not financial advisors. They're not paid to give advice. But they will do everything that they can to make you feel like, you know, that that your current settings, your current savings are at jeopardy.
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Chapters
8 chapters
1
What is the episode’s main focus on protecting superannuation from scams?
0:06–6:17
2
How do predatory lead‑generators bypass anti‑hawking laws to target super savers?
6:17–13:14
3
What distinguishes industry super funds from collapsed schemes like Shield and First Guardian?
13:14–19:39
4
Why is the proposed performance test for super funds controversial?
19:39–25:56
5
Should Australians be allowed to withdraw 3 % of their super early?
25:56–33:56
6
How do lifestage funds, longevity risk and the age‑pension interact?
33:56–41:08
7
What would you change about the current super system if you had a magic wand?
41:08–47:02
8
What is the new class of adviser and how will it affect members?
47:02–54:08
Speakers
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