Today ASIC launched proceedings against Youpla Group.

Quotes attributable to Nerita Waight, CEO of the Victorian Aboriginal Legal Service:

For decades, the private funeral insurance company ‘Youpla’ aggressively sold poor-value funeral plans to Aboriginal and Torres Strait Islander peoples. They subsequently collapsed, leaving thousands of people unable to access funeral plans they had already paid for and unable to cover the cost of grieving loved ones through Sorry Business.

Over 80 clients who had policies with Youpla have come to VALS for assistance.

VALS is pleased that civil proceedings are finally being issued against former Youpla directors. This will provide some accountability for the company’s reprehensible conduct. We hope this also puts directors of other funeral companies on notice that they will be held to account for breaches of the law.

However, this civil action isn’t going to help our community. If ASIC is successful, the directors will be forced to pay penalties to the government but not to our community members. ASIC proceedings will not provide any financial compensation to our community. Our community feel like what happened to them was criminal and the punishment that should follow should not be limited to civil action. Those that lost thousands of dollars to a company that misleadingly held itself out to be community controlled need to be compensated.

Note: “Youpla” has also been known as ACBF.