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Funeral insurer fund goes into administration – Life Insurance – Insurance News

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Funeral insurer fund goes into administration

13 December 2021

Administrators Robson Cotter Insolvency Group have been appointed to the Aboriginal Community Benefit Fund (ACBF) No. 2 Pty Ltd, owned by funeral insurer Youpla.

Aboriginal and Torres Strait Islander people owed refunds for policies held within the fund have been urged to lodge a form by Wednesday next week for their debt to be considered by the administrators.

“We implore ACBF’s administrators to ensure Aboriginal and Torres Strait Islander people are paid the refunds they are owed in full,” Mob Strong Debt Help Solicitor Mark Holden said.

Mr Holden says Mob Strong is seeking clarity on the future of two other Youpla funds, the Aboriginal Community Benefit Fund, known as Fund 1, and ACBF Funeral Plans Pty Ltd, trading as Aboriginal Community Funeral Plan.

Mob Strong Debt Help and the Financial Rights Legal Centre say many disadvantaged Aboriginal and Torres Strait Islander consumers are owed premiums paid to Youpla group companies under the false belief they were an Aboriginal community owned and controlled organisation at the time they took out their policy,

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Consumers were also not warned that their premiums would likely exceed any benefit they may get and not adequately warned that they had to keep paying premiums until they died or they would not be covered.

Financial Rights CEO Karen Cox says anyone who finds themselves out of pocket as a result of the administration ought to be included in any compensation scheme of last resort.

The group has represented 11 policyholders in Fund No. 2 matters, with the Australian Financial Complaints Authority finding in favour of seven of the clients. Four of those are still waiting for refunds.

One matter is still before the AFCA and another three matters are in internal dispute resolution.

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