Why is Cbus Super calling for a ban on certain financial advisers and social media ads?

Cbus Super has demanded a ban on "cowboy" financial advisers and predatory lead-generation tactics following a massive regulatory and fund collapse. The superannuation giant is targeting deceptive social media clickbait ads and high-pressure sales tactics that trick everyday investors into switching their retirement savings.

What caused the $1.1 billion Australian superannuation collapse?

The $1.1 billion collapse was triggered by the failure of Shield Master Fund and First Guardian. These entities allegedly relied on an aggressive network of online ads and lead-generation call centres to lure retail investors.

How do deceptive social media ads and lead-generation networks operate in this collapse?

The process begins with consumers clicking on social media ads disguised as harmless "superannuation health checks" or "find my lost super" tools. These ads serve as gateways, funnelling user details to aggressive lead-generation call centres that bombard potential victims with high-pressure phone calls.

What action is the federal government taking regarding the Shield Master Fund and First Guardian collapse?

The federal Treasury launched a fact-finding consultation inquiry focused directly on cold calling and lead generation within the superannuation and financial products industries. The public submission window for this inquiry officially closed on May 22.

What are the main regulatory and legal risks for the entities involved right now?

The legal and regulatory risks are exceptionally high, as the Shield Master Fund and First Guardian matters are currently before the Federal Court.

Why does this event present a systemic risk to the broader Australian superannuation system?

Cbus CEO Kristian Fok warned that systemic trust in Australia's compulsory superannuation system is at a breaking point. While the system is vital for everyday workers to build a comfortable retirement, it relies entirely on consumer trust to function.

What structural changes to financial advice is Cbus Super pushing for?

Cbus is pushing for federal policy changes that outright ban these aggressive "cowboy" operators and entirely cut off the underlying financial incentives that support them.

Image for illustrative purposes only. Not a real photo.

Cbus demands ban on 'cowboy' financial advisers

Written by Heidi Cuthbert Published May. 25 2026Last Updated May. 25 2026

Cbus Super has demanded a ban on "cowboy" financial advisers following a $1.1 billion superannuation collapse that stripped thousands of Australians of their life savings.

In a scathing submission to a federal Treasury enquiry, Cbus CEO Kristian Fok took aim at high-pressure sales tactics and deceptive social media clickbait ads.

The move follows the recent collapse of Shield Master Fund and First Guardian, which left roughly 11,000 Australians reeling from massive retirement losses.

"We need to ban the cowboys and cut off the financial incentive that supports them," Mr Fok said, exposing a systemic network where online "superannuation health checks" and "find my lost super" ads acted as gateways to aggressive lead-generation call centres.

Potential victims were bombarded with persistent daily phone calls promising outsized returns, only to have their details passed to financial planners who orchestrated switches into high-risk funds. "It’s product pushing masquerading as genuine financial advice," Fok added.

The federal fact-finding consultation, which closed submissions on May 22, was launched by Treasury in direct response to the collapse.

Treasury documents confirm that lead generation sits at the beginning of a predatory chain spanning data broking, advertising, and managed investment schemes.

With the Shield and First Guardian matters now before the Federal Court and under active investigation by the Australian Securities and Investments Commission, Cbus warns that systemic trust is at breaking point.

Fok emphasised that protecting Australia's world-class compulsory super system relies heavily on eradicating the manipulation of workers' hard-earned savings.