A First Nations financial counselling service says those affected by the collapse of failed funeral insurer Youpla are unlikely to recover their money.
Youpla, formerly known as the Aboriginal Community Benifit Fund, still owes money to more than 13,000 First Nations people leaving them without the means to pay for funerals.
Before its collapse in March 2022, the funeral insurer had been found to have targeted Aboriginal families and communities for more than 30 years while shaping their image to be a First Nations organisation.
The Australian Securities and Investment Commission has launched civil proceedings against five of the company’s former directors regarding governance failures and misconduct.
Mob Strong Debt Help’s Mark Holden says any fines resulting from the action will be going to the Government instead of the policy holders.
