This month we celebrated a significant win for people affected by an unscrupulous funeral insurance fund that preyed on vulnerable people for 30 years. The FSU has been a strong supporter of the Save Sorry Business coalition, a First Nations led campaign seeking justice on this issue, after the failure of government and regulators for two decades.
After years of fierce advocacy by First Nations financial counsellors, advocates and policyholders, the government has announced an enduring resolution for over 13,000 people affected by the collapse of predatory funeral insurer Youpla/ACBF.
The program will be open to people who were still making payments to Youpla/ACBF on or after 1 August 2015.
For more information visit: www.financialrights.org.au/factsheet/acbf-youpla/
Those who are eligible can choose between a government-protected funeral bond or a resolution payment of 60% of premiums paid up to a cap of their Youpla funeral benefit amount. This dignity of choice is a welcome aspect of the enduring resolution. Free financial counselling will be available to support choice.
The program starts from 1 July 2024 and will run for two years. Details for how the scheme will operate and how information will be shared with policyholders are yet to be determined. In the meantime, more information is available here.
The program will relieve immediate financial hardship for many, provide certainty around Sorry Business for others, and enable thousands of families to move on with their lives.
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