ASIC has appealed part of the decision of the Federal Court in ASIC’s case against ACBF Funeral Plans Pty Ltd (ACBF) and its parent entity Youpla Group Pty Ltd (Youpla Group) handed down on 5 September 2023 (refer 23-244MR).
ASIC had alleged that ACBF represented it was owned or managed by Aboriginal persons when that was not the case. At first instance, the Court found such representations were made but was not satisfied those representations were false. ASIC is appealing that finding.
ASIC Deputy Chair Sarah Court said, ‘ASIC has appealed this decision because we are concerned that representations were made to First Nations people that ACBF and its funeral plan had Aboriginal ownership and management which, in ASIC’s view, had the effect of deceiving many Aboriginal consumers into buying the plan”.
The appeal will be heard by the Full Federal Court on a date to be determined.