AFA member Mark Dunsford, director of NOW Financial Group, submitted 225 subject forms to AFA chief executive Brad Fox last Friday formally requesting an EGM to propose an amendment to the AFA’s constitution regarding the proposed LIF reforms.
“Yesterday I submitted in excess of 200-plus signatures from AFA members that support my calling for the EGM,” Mr Dunsford said.
“I have received overwhelming support for my calling for the EGM by the members of the AFA, which have grave concerns that the interest of their clients, and their businesses, will not be met by the proposed LIF changes that were supported by the AFA.”
At least 5 per cent of AFA voting members need to support the request if an EGM is to be called.
Last week, Mr Fox criticised Mr Dunsford’s call for an EGM to propose a resolution that the AFA withdraw its support for the LIF in its current form, saying it would hark back to the criticisms the AFA received during the days of the Future of Financial Advice reforms, when it had minimal influence.
Agree
To make these comments you would either have to be unaware of the workings of the LIF proposed changes, or not effected by them.
Had the AFA leadership respected the members sufficiently and not treated them like incompetent dolts, there would be no need to review the constitution to stop the leadership team working against the members.
AFA/FPA are both starting to look a lot alike.
Given Brad’s recent comments as to standing with the FPA it makes you wonder why they don’t simply merge and call themselves the institutionally owned financial advisers association.
I believe that this is the only way forward for the organisation that is “purported”to represent advisers. Unfortunately, IMHO, this has not been seen to occur. Well done Mark, we are behind you.
Now what will be really interesting is the vote process itself. Do AFA members that have their membership fees paid for by institutions get a “conscience” vote or are they compelled/default block voted to support LIF??? Or is this matter already “resolved” just like LIF due to FSC?
Bring on the EGM…a member vote is the fair way to go here – but trying to change the constitution to block any sort of ability the AFA board would have to work with Government in the future is extremely damaging to the Association.
Hopefully all the new AFA members who have remained silent on the sidelines up until now will be heard by either voting against this ridiculous motion in person, or via Proxy (give your vote to someone you trust).
Time to put this issue to bed once and for all so the majority of us focused on the future – can move on…