An AFA member has demonstrated to the board he has enough support to request an extraordinary general meeting in an effort to withdraw the association's support of the Life Insurance Framework (LIF).
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.
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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