The federal government has announced a new resolution for people affected by the collapse of the insurance provider, Youpla Group. Previously called the Aboriginal Community Benefit Fund, the funeral fund collapsed in 2022 after an examination by the banking royal commission.
Category
📺
TVTranscript
00:00 that includes policy holders and family members who have bared that burden.
00:06 Today is the end of a long journey to get some resolution.
00:12 In March 2022, when the collapse happened, we had First Nations people with bodies in
00:17 morgues because they had relied on this misleading company to provide the funds that they had
00:23 paid into to bury their loved ones.
00:26 And it was devastating.
00:28 In July 2022, the current federal government stepped in and offered an interim solution
00:35 to allow us to bury our people through an application process through the Eupola Funeral
00:40 Benefit Fund.
00:42 And today, we have a long-term resolution which they promised just under two years ago.
00:48 And this Eupola support program is a fair outcome that will allow healing to begin.
00:53 And it's through decades of regulatory failures, if this company had never been allowed on
00:58 CentrePay, then this would not have been the outcome.
01:02 But CentrePay became the vehicle of financial abuse that ACBF Eupola used to take money
01:08 from First Nations people.
01:10 And it's through that abuse that we were able to draw attention to the government and
01:14 come to this resolution.
01:16 People can apply, not until the 1st of July 2024.
01:19 They can apply and they can get 60% of the money back that they paid into it, but not
01:25 more than their benefit or certificate amount.
01:28 People were given certificates and told that is what they are paying towards.
01:33 So an example would be if they had a $10,000 certificate and they had paid $6,000.
01:39 So if they had a $6,000 certificate and they paid $10,000, the most they get back is $6,000.
01:47 But if they had only paid $4,000, they would only get 60% of that $4,000.
01:53 But what is most exciting about this option is the fact that there are options within
01:58 it.
01:59 We asked the government to give people choice.
02:01 They have given them a choice between a regulated funeral bond or getting money back.
02:08 They have given the people the option to see a free financial counsellor to help them make
02:11 that decision.
02:12 They have empowered people through this, not disempowered people.
02:15 [BLANK_AUDIO]