The AFA has confirmed it has received the number of member forms required to call an extraordinary general meeting.
In a statement, the AFA said it has received the number of forms required under the Corporations Act and will put forward the resolution listed in the forms.
The resolution requests the AFA to withdraw its support for the proposed Life Insurance Framework (LIF) in its current form.
According to the AFA, this would change the association's constitution in a manner that reduces the policymaking powers of its board.
Earlier in the month, 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 LIF reforms.
The resolution requires support from 75 per cent of the AFA membership for it to be carried, the statement said.
The AFA must advise members within 21 days of the date of the EGM, which must be by 30 October, the association said.
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 corporate regulator has cancelled the licence of a Queensland based SMSF advice firm that failed to lodge its financial accounts. ...
The Federal Court has issued BT and Asgard penalties of $1.5 million each for charging fees for no service and making misleading statements. ...
The wealth giant has announced a raft of further changes to its advice model, including the conclusion of client register buy-back arrangements for i...
Get notifications in real time and stay up to date with content that matters to you.
