Regulatory Alerts2025-07-10
ACBF Funeral Plans Penalised $3.5 Million Following Successful ASIC Appeal
ASIC secured a $3.5 million penalty against ACBF Funeral Plans for deliberately misrepresenting that it was Aboriginal owned or managed. This ruling follows a successful appeal by ASIC to the Full Federal Court, which overturned an earlier decision that had dismissed these specific allegations. The total penalties against the company now amount to $4.7 million, combining this sum with a previous $1.2 million penalty for misleading consumers about benefit payouts.
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