Working Australia ns are the targets of cold-callers who pressure them into switching superannuation products, risking their retirement savings being drained of potential returns and significant fees. Jack Smith* was on his way home from work one day when he was contacted by a cold-caller who offered him a free superannuation review. Smith, who had $410,000 in super and $80,000 in life and disability insurance, was instead subjected to high-pressure sales tactics.
In the end, Smith was invested in a “conflicted, high-risk product” which slugged him $23,000 in a series of upfront fees, including a cut to the cold-caller, and ongoing fees from the self-managed fund which increased by more than $11,000 a year. The financial services watchdog is warning consumers to be wary after a review identified cold-calling operators using high-pressure sales tactics to bait people into receiving and acting on dodgy advice to switch their super.
Source: News Formal (newsformal.com)
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: theage - 🏆 8. / 77 Read more »
Source: brisbanetimes - 🏆 13. / 67 Read more »
Source: smh - 🏆 6. / 80 Read more »
Source: newscomauHQ - 🏆 9. / 77 Read more »
Source: 7NewsSydney - 🏆 16. / 63 Read more »
Source: SBSNews - 🏆 3. / 89 Read more »