FIG were selling dud insurance.
Imagine paying for insurance for years and years and only to find out due to some minor detail that you are not covered because it is mentioned in some fine print.
It was found that this was happening to thousands of Australians every year, as mentioned above there was no reason for a company like this to exist. Offering little to no value as well as utilising high-pressure and questionable sales techniques. (Targeting vulnerable individuals, paying out ridiculously high commissions, etc).