These examples illustrate how pressure tactics, exaggerated promises, and misleading claims are used to lure individuals into transferring their savings into high-risk investment schemes.
Hostplus CEO David Elia said the stories from former members were deeply distressing.
“I am personally devastated by the stories of Australians — especially former Hostplus members — who have been impacted by these scams that used predatory tactics to exploit their victims,” Mr Elia said.
“Our first priority is to grow and protect the retirement savings of our members — and we are doing everything we can to uphold that responsibility. We stand with those calling for greater awareness and stronger safeguards to ensure this categorically cannot happen again.”
Hostplus is urging all members to familiarise themselves with these tactics and to consider the potential risks and red flags when making decisions about their superannuation.
Signs to look out for include:
- Cold calls from advisers or representatives who are not associated with your superannuation fund
- Claims your fund is underperforming
- Pressure to act fast
- Promises of unusually high returns
At Hostplus, we never use pressure tactics - our approach is to empower you with the information you need to make informed decisions in your own time.
When you need guidance, our financial advice services are delivered by highly trained and licensed professionals committed to helping you make confident choices. And before our advisers recommend any changes to your investments, they always provide clear, written information and a Statement of Advice.