Youpla: how Aboriginal funeral fund evaded regulators despite 30 years of complaints

The Aboriginal Community Benefit Fund/Youpla came to the attention of both federal and state regulators from its first year of operation. Photograph: Mick Tsikas/AAP

Federal and state authorities expressed concerns about the conduct of the now-disgraced Aboriginal Community Benefit Fund (ACBF) from its very first year of operation, but failed to bring it into line despite several opportunities.

Both New South Wales Fair Trading, which oversees funeral expenses insurance funds, and the Australian Securities and Investments Commission, which oversees financial products, including insurance, raised issues with the fund, which later traded as Youpla, on a number of occasions over the past 30 years.