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National Congress speaks out on Royal Commission findings of finance companies 'targeting' First Peoples
THE Banking Royal Commission is currently investigating concerns about unethical conduct from finance companies, including funeral insurance companies, accused of targeting vulnerable Aboriginal and Torres Strait Islander peoples with unsuitable products.
This week, the Commission has heard from Aboriginal people in remote communities who have been sold funeral insurance policies which they did not understand and did not need.
Another non-Indigenous company with no Aboriginal affiliation used the rainbow serpent, which holds great importance for First Peoples, in its marketing to lure Aboriginal customers in.
According to consumer groups, some First Peoples have been paying for up to five funeral insurance policies for their families.
The Royal Commission is currently holding public hearings in Darwin, where they are shining the spotlight on these unscrupulous practices.
“Funerals hold great cultural importance for many Aboriginal and Torres Strait Islander peoples, and many peoples are concerned about how they will be able to afford funerals.” Jackie Huggins, National Congress co-chair, said.
“At the same time, we know that financial literacy is significantly lower among Aboriginal and Torres Strait Islander peoples than the general population. This makes many First Peoples exceptionally vulnerable to predatory tactics from funeral insurance companies."
National Congress co-chair Rod Little said, “It is criminal that companies, including funeral insurance companies are taking advantage of any vulnerable person, especially Aboriginal peoples in regional and remote communities.
“This is a matter we have calling for action on for some time, however we feel we have been ignored by governments. It is commendable to see the Royal Commission finally drawing attention to this issue. However, we want to see this new evidence translated into affirmative action. This has gone on unaddressed long enough.”
National Congress is calling on governments and authorities to take urgent action to end the financial exploitation of Aboriginal and Torres Strait Islander peoples by financial companies.
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