Inside Australia’s Largest Indigenous Identity Fraud Case: How ACBF Misled Consumers

The Federal Court has imposed a $3.5 million penalty against ACBF Funeral Plans Pty Ltd, a funeral expenses insurance provider, for falsely claiming Aboriginal ownership and management, which marks one of Australia’s largest penalties targeting Indigenous identity fraud within financial services.

The ruling (delivered on 10 July 2025) came after the Australian Securities and Investments Commission (ASIC) successfully appealed a previous Federal Court decision. According to ASIC, the substantial penalty was necessary due to ACBF’s “deliberate and callous” misrepresentation.

ASIC Chair Joe Longo emphasised the seriousness of the matter, stating:

“Today’s penalty is a strong deterrent to anyone who tries to mislead Aboriginal consumers by falsely claiming Aboriginal ownership or management” and he added that protecting First Nations consumers remains one of ASIC’s enduring priorities.

The $3.5 million penalty comes on top of an earlier $1.2 million fine in September 2023, which penalised ACBF for misleading consumers about receiving lump-sum funeral payments upon a policyholder’s death.

The total penalties against ACBF now stand at $4.7 million.

The Federal Court’s recent judgement overturned a previous ruling from 29 February 2024, which initially found ASIC had failed to substantiate claims that ACBF misrepresented its Aboriginal ownership or approval by an Aboriginal community.

ACBF, which went into liquidation alongside its parent Youpla Group in early 2022, previously promoted funeral expense insurance primarily to Aboriginal consumers under the Aboriginal Community Funeral Plan (ACF Plan).

Following the collapse of Youpla Group, the Federal Government introduced the Youpla Group Funeral Benefits Program that aimed to provide support for impacted Aboriginal families.

Download Judgment – here.