Aboriginal funeral fund goes broke

Brewarrina Shire Councillor, Trish Frail, is calling on the federal government to step in after a major funeral insurance fund for Aboriginal people went broke earlier this month.

Councillor Frail, who is also The Green Party candidate for the federal seat of Parkes, said that about 50% of Aboriginal people were signed up with the Youpla Group funeral funds.

“Aboriginal people signed up with these funds were proud to be looking after themselves and their family when they passed – making sure that their funeral expenses were covered when they passed.

“But now it appears that no-one is covered by this group, because they have gone into liquidation, and thousands of Aboriginal people have been left in the lurch” Clr Frail said.

The Australian Investment and Securities Commission (ASIC) has advised that all the previously active Youpla Group funeral funds are now in liquidation.

In a notice to Youpla clients, ASIC acknowledged the liquidation of Youpla Group entities was causing distress for the Aboriginal people and communities affected.

The Youpla Group runs four active funeral contribution funds, and ASIC has advised that Youpla Group members are no longer covered by their funeral policies and should consider other arrangements.

ASIC advised that Aboriginal Community Benefit Fund 2 entered liquidation on March 2 and the Aboriginal Community Benefit Fund 1, Aboriginal Community Funeral Plans Pty Ltd and Community Funeral Plans entered liquidation on March 11.

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