Help for Youpla Group collapse families

The Hon Linda Burney MP Minister for Indigenous Australians

The Hon Stephen Jones MP Assistant Treasurer and Minister for Financial Services

MEDIA RELEASE

July 25, 2022

HELP FOR YOUPLA GROUP COLLAPSE FAMILIES

Sorry Business is of the deepest cultural importance to First Nations people.

It is vital that traditional mourning practises be allowed to continue despite the collapse of the Youpla Group funeral contribution funds earlier this year.

That is why the Albanese Government intends to resolve the uncertainty for the families of deceased Youpla Group policy holders so they can get on with Sorry Business.

The Government intends making payments to meet unpaid Youpla Group funeral fund claims until November 30, 2023.

It is intended these payments be commensurate with the cover eligible policy holders took out in good faith prior to Youpla Group’s collapse, typically worth around $8,000.

Funeral benefit payments are intended to be made to the eligible beneficiaries of Youpla Group policy holders who had an active policy on April 1, 2020 (the date at which Youpla Group ceased issuing new policies due to its failure to obtain an Australian Financial Services Licence).

It is anticipated up to 500 beneficiaries will be eligible for the payment before the program expires next November.

These are interim arrangements the Government intends to establish while it investigates what further steps are required to bring resolution in relation to the Youpla Group collapse.

The Government will continue consulting widely on those further steps while these interim arrangements are in place.

But our first priority today is simply to limit the immediate cultural damage and community grief Youpla Group’s liquidation has precipitated.

Find out more and register on the Treasury website to receive updates on the program.