The Australian Financial Complaints Authority (AFCA) has now received more than 1,200 complaints about four Aboriginal Community Benefit Fund (ACBF) companies, also known as the Youpla group, since AFCA began operating in 2018. The complaints are about unconscionable practices in the sales of funeral expense policies to First Nations consumers.
Before the ACBF companies were recently placed in liquidation, AFCA had issued 178 decisions against them, all in favour of the complainants due to misleading or deceptive conduct by the firms.
More than $1.4 million was awarded in compensation to ACBF customers by AFCA, although AFCA understands 61 determinations remain unpaid – which is close to $500,000 in compensation outstanding to policyholders.
Due to the firms being placed into liquidation, we have paused work on complaints against ACBF. However we are supporting affected consumers and their representatives to continue to register their complaints in case of further developments.
Read our earlier media release here.