The corporate regulator Asic is seeking a record and “very severe” penalty of $7.5m against the predatory funeral insurer ACBF-Youpla for its “deliberate and knowing conduct of preying on vulnerable Aboriginal people” over years of operation.
Asic alleges the company engaged in deceptive and misleading conduct between 2015 and 2018. It is seeking a penalty of $6m against ACBF, and $1.5m against its later iteration, Youpla, for making false representations that it was an Aboriginal-owned trust, and that the products it offered were of greater benefit to customers than other products available.
