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Aboriginal Community Benefit Fund - not run by Aboriginal people- has been preying on cultural obligations to pressure Aboriginal families to sign up to expensive funeral insurance that fails to pay out claims. They're Facing Banking Royal Commission https://www.sbs.com.au/nitv/nitv-news/article/2018/07/04/banking-royal-commission-funeral-insurer-grilled-dodgy-practices …
'The commission heard ACBF used Aboriginal-style advertising materials, containing images of the Rainbow Serpent, the colours of the Aboriginal flag and a slogan stating ACBF was "Australia’s only Aboriginal funeral plan.'" Also failed to disclose ACBF is NOT Aboriginal company
13,000 policy-holders had their plans cancelled in 5yeras due to non-payment of premiums. Mostly due to ACBF being removed from Centrelink's system that allows welfare payment deductions. Abhorrent - another gross example of unethical treatment of disadvantaged Aboriginal people
Yorta Yorta woman Tracey Walsh paid $10,000 in premiums to the Aboriginal Community Benefit Fund but was only covered for $8000. She'd been mislead to think it was a savings plan & didn't realise she could lose her cover if she stopped paying her premium. https://www.sbs.com.au/news/tears-as-woman-attacks-insurer-claiming-to-be-indigenous-organisation?cid=inbody:banking-royal-commission-funeral-insurer-grilled-on-dodgy-practices …
The Banking Royal Commission has heard that the Aboriginal Community Benefit Fund has sold 13,000 policies. Of these, almost 54% are young Aboriginal people: 4,900 are children and another 2,000 are aged 18 to 25 years. #auspol
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