The number of financial complaints lodged against four Aboriginal Community Benefit Fund (ACBF) companies, known as the Youpla group, has increased to more than 700.

The Australian Financial Complaints Authority (AFCA) says the total includes complaints received since it began operating in 2018.

AFCA has had to pause work on the matters due to the funeral insurance firms being placed into liquidation, but is still supporting affected consumers in registering complaints in case of further developments.

Deputy Chief Ombudsman June Smith says AFCA recognises that many of the customers are in a difficult situation.

“They have suffered considerable financial loss as a result of the actions of these financial firms, and now find that the firms’ insolvency means there is little likelihood of any compensation awarded being paid to them,” she said.

“However, ACBF customers should lodge their complaints with AFCA as soon as possible, so that their dispute is registered in our system should anything change.”

Before the firms were placed in liquidation, AFCA had issued 178 decisions against the companies, all in favour of the complainants due to misleading or deceptive conduct.

More than $1.4 million was awarded in compensation to ACBF customers, although AFCA understands 61 determinations remain unpaid, which is close to $500,000 in compensation outstanding to policyholders.