The AFA has said it will validate all forms received calling for an extraordinary general meeting in order to ensure that the required threshold has been reached.
Yesterday, ifa reported that the minimum number had been submitted. However, the AFA said in a statement it is now required to verify each individual form, noting that an initial check found some of the forms had been submitted by non-AFA members and some were incomplete.
The AFA added that several duplicate forms were submitted by the same persons.
“It will take the AFA some time to correctly verify those forms that are incomplete or appear not to be from members,” the association said.
“It is therefore not readily apparent that the statutory limit has been reached.”
Last week, AFA member Mark Dunsford, director of NOW Financial Group, 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 Life Insurance Framework reforms.
At least 5 per cent of AFA voting members need to support the request if an EGM is to be called.
The AFA said the notice calls for members to vote on a special resolution that seeks to change its constitution in a manner that restricts its board "from deciding policy positions in relation to life insurance for a period of three years".
The special resolution would require support from at least 75 per cent of the votes cast to be passed.
The ifa Excellence Awards are back in 2021 and nominations are now open! This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021!
The latest ASIC estimated industry funding levy proves that the current formula is “not equitable or sustainable” according to FPA. ...
An industry body says it is in favour of a change in government as the Coalition have “unfairly targeted” financial advisers. ...
The corporate regulator's cost recovery implementation statement for the 2021 financial year indicates the costs allocated by ASIC to the advice secto...