An Australian funeral insurance company was fined $3.5 million dollars but does not have to pay the fine.

A funeral fund that cost Aboriginal clients thousands of dollars in premiums when it collapsed has been hit with a $3.5 million fine, but will not have to pay it due to being in liquidation.

The Aboriginal Community Benefit Fund (ACBF), run by Youpla Group Pty Ltd, marketed itself as an Indigenous business and sold funeral premiums to customers across the country for 30 years.

Then the next step would be to fine and imprison the directors, surely?

https://www.abc.net.au/news/2025-07-10/acbf-youpla-fined-by-federal-court-misleading-customers/105515780

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whowasthatmaskedman · 70-79, M

It is disgusting that this can happen.. But a warning to anyone paying for funeral insurance.. The nature of insurance is that the premiums paid should always be more than the payout. So simply taking the few $ a week and putting it in a jar should be a better bet for most people than paying a premium. Its not like house or car insurance. Or even life insurance to cover the cost of the family carrying on.. This is a relatively small expense that a little forward planning should manage..😷

Gusman · 61-69, M

@whowasthatmaskedman I have never had insurance, except compulsory car insurance.
Being single, no family their is no need for insurance.

whowasthatmaskedman · 70-79, M

@Gusman On your life, I agree with you. But if you sneeze which driving and plough through a Porshe dealership, you may feel different.. Thats removing a risk you will have to pay for if you lose. 😷

Gusman · 61-69, M

@whowasthatmaskedman My mistake. I do have comprehensive car insurance.

whowasthatmaskedman · 70-79, M

@Gusman I figured you might, knowing you have a pretty new car..😷