The AFA says the proposal to withdraw its support for LIF was rejected at its extraordinary general meeting.
Following the EGM yesterday, the AFA announced that out of 842 votes, 620 (74 per cent) were against the association withdrawing its support for LIF, while 222 (26 per cent) were for. About 138 members attended the meeting and the rest voted via proxy.
Outgoing AFA president Deborah Kent said the results are proof of the members’ support.
“I think for us as an association, the thing that came out of this is that here is a resounding voice from our members and that they support what the board is doing,” she said.
Ms Kent said the EGM discussed withdrawing the resolution and cancelling the vote. This discussion was led by Mark Dunsford who had called for the EGM to be held.
“But as the chair, I accepted the resolution on behalf of the association,” Ms Kent said.
“We as a board made a decision that there was a lot of invested into this. It was kind of too late and there were a lot of members who had voted via proxy both against and for.
“We felt that the democratic process should take its place and allow the resolution to be upheld, and then debated and voted on.”
In August, Mr 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 LICG backed the EGM call, saying it would provide the AFA an opportunity to start over in the LIF reform process.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 16 Nov 2018Government sets $51m to pursue misconductBy Eliot Hastie
- 16 Nov 2018The financial advisers most people don’t read aboutBy James Mitchell
- 16 Nov 2018Clients expect advisers to understand their situationBy Eliot Hastie
- 16 Nov 2018Retirees hit hardest by franking credit changes, says FSCBy Sarah Simpkins
- 16 Nov 2018Trust in advice more important than everBy Stephanie Aikins
- 15 Nov 2018We’ll lose advisers through FASEA but it’s necessaryBy Adrian Flores
- view all