She added investigations are looking at the entire chain, including conduct of the lead generators, the financial advisers, the superannuation platforms, “who we think have a real role here”, and the research houses that “listed these funds as investable”.

Peter Burgess, CEO of the SMSFA, said the association strongly endorses the consumer alert, noting that as superannuation savings increase, the activity is likely to increase.

“From the perspective of our super sector, what’s particularly concerning are high pressure sales tactics and cold calls pressuring people to transfer their superannuation savings into an SMSF with promises of high or unrealistic returns,” he said.

“It’s clearly evident that self-interest is driving these schemes which typically involve unlicensed people in the advice process.”

Burgess continued that the association has never wavered from its belief that SMSFs are not for everyone.

“Schemes that typically involve cold calling and investors being ‘sold’ an SMSF with unrealistic return expectations are the antithesis of what our sector stands for – a long-term investment approach using a diversified portfolio with the end goal of achieving a dignified and secure retirement,” he said.

“Establishing an SMSF and taking personal responsibility for your superannuation is a major financial decision that should involve input from an SMSF specialist before embarking on this journey.

“We don’t resile from our mantra that it can be a fulfilling journey for the more than 1.1 million SMSF members who have opted for this retirement income strategy – but only after getting professional advice and considering all the implications.”

The ASIC alert comes amid the regulator’s increasing concerns that consumers are being enticed to invest their retirement savings into complex and risky schemes, with a warning to be extra cautious at the beginning of the financial year.