Thousands of Australians who collectively lost millions of dollars to failed funeral insurer Youpla could now get some of their money back, under a newly announced government scheme.
An estimated 13,000 people who lost money to failed funeral insurer Youpla will be covered by a government plan to resolve the issue.
Give eligible customers the choice between receiving a low risk regulated funeral bond, or a cash paymentThe federal government said it would accept applications from the company's former customers until June 2026. This was allowed to happen even after the company was accused of falsely representing itself as Aboriginal-owned in 1999. Two of its funds were also banned from taking new customers after it was found to have broken anti-hawking laws in 2004.
"Centrepay basically facilitated the financial abuse of First Nations people by taking the first lot of their money — before even they had food — out of their pensions, and so that meant were guaranteed income," she said. "I dare say they bloody well owe us compensation for this fiasco of the federal government and the regulators, who were supposed to be the police on the beat and supposed to have the teeth to deal with it," he said."It gives us less than two thirds of our money back.
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