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Curbing lead generation activity

Submission Date: 11 June 2026

The Law Council of Australia provided input to the Treasury’s Consultation Paper titled ‘Curbing lead generation activity’. This submission reflects input from the Consumer Law Committee and Superannuation Committee of the Law Council’s Legal Practice Section, and the Financial Services Committee of the Law Council’s Business Law Section (the Committees).

The Consultation Paper seeks feedback on options to curb high-pressure sales practices associated with cold calling and lead generation activities, particularly in relation to superannuation, as well as other financial products. The Consultation Paper is part of a wider suite of options on which the Government is consulting in response to the collapses of Shield Master Fund (Shield) and First Guardian Master Funds (First Guardian).

This submission commences with preliminary observations before addressing consultation questions 1–8,10–13 and 25–28, and provides comments generally on extending anti-hawking requirements (consultation questions 14–19) and targeting remuneration structures that may incentivise poor conduct (consultation questions 20–24). Where appropriate, views are attributed to the relevant Committees at the opening of each paragraph.

The collapses of Shield and First Guardian have led to a range of regulatory reform proposals. The Committees believe it would be beneficial for Treasury to produce a comprehensive roadmap of all the law reform proposals intended to address the misconduct which occurred in Shield and First Guardian, to ensure a holistic and coordinated rather piecemeal and fragmented response is delivered.

The Committees welcome the opportunity to have further involvement in the design and development of any future law reforms in this area.

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Last Updated on 11/06/2026

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