AFA announces EGM threshold reached

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.