The AFA says it has received the number of member forms required under the Corporations Act and will put forward the resolution at an EGM.
The resolution would seek the AFA to withdraw its support for the proposed Life Insurance Framework (LIF) in its current form, something the AFA said would change its constitution and reduce its board’s policymaking powers.
Earlier this month, AFA member and director of NOW Financial Group, Mark Dunsford, submitted 225 subject forms to AFA chief executive Brad Fox formally requesting an EGM to propose an amendment to the AFA’s constitution regarding the proposed LIF reforms.
The resolution requires support from 75 per cent of the AFA membership in order for it to succeed, the AFA said in a statement.
The AFA said it is required to advise members within 21 days of the date of the EGM and the EGM must be held by 30 October.
244 AFA members asked for the EGM, That is about 10% of the AFA membership, or double the required numbers, I would say that the EGM far exceeded the minimum 5% requirement. Hmmm maybe not everyone supports enriching banks and shafting consumers.
The AFA cannot tell us one benefit of the LIF, so again why are they supporting this poor Legislation, no wonder the members want to be heard on this issue,
We have to ask the AFA Board why the LICG made far stronger submissions to Treasury and the Senate review committees about the poorly thought through LIF than the AFA Board did; and indeed the LICG were able to persuade more politicians to reconsider the LIF, whereas the AFA Board only supported the FSC.
The LICG was a driving force in stopping the LIF coming into affect on 1 July this year, once again where was the AFA support??