The AFA has announced the results of its extraordinary general meeting, which was held today for members to vote on whether the association should withdraw its support for the LIF reforms.
Outgoing AFA president Deborah Kent said the resolution was "soundly rejected". Out of more than 842 votes, 620 (74 per cent) were against the association withdrawing support while 222 (26 per cent) were for.
"Today I feel very pleased that we know we have the backing from our members," she said.
In August, AFA member Mark Dunsford, director of NOW Financial Group, submitted 188 valid subject forms to the AFA formally requesting an EGM to propose an amendment to the AFA’s constitution regarding the proposed reforms.
The Life Insurance Customer Group (LICG) had backed the EGM call, arguing it would have provided the AFA an opportunity to start over in the LIF reform process.
More to come.
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