A formal request for an Extraordinary General Meeting of the Association of Financial Adviser has now been lodged by one of its members, who has claimed ‘overwhelming support’ for the move.
Now Financial Group Director, Fellow of the AFA and Life Insurance Customer Group (LICG) founding member, Mark Dunsford, said he had submitted more than 220 signatures to the AFA in support of his call for the EGM. He also indicated the request for the meeting with the signatures had been received by the AFA (see: AFA Member Calls for EGM on LIF)
“I have received overwhelming support for my calling for the EGM by the members of the AFA that have grave concerns that the interest of their clients will not be met by the proposed LIF changes that were supported by the AFA. Yesterday I submitted in excess of 200 + signatures from AFA members that support my calling for the EGM,” Dunsford said.
Under the AFA constitution the number of member signatures required to call an EGM is 5% of the membership. Under the Corporations Act the AFA now has 21 days in which to call the meeting which must be held not later than two months after the receipt of the request.
AFA Chief Executive Brad Fox has appealed to members to reject a resolution to be brought to the EGM which would commit the Association to a formal policy of opposing the proposed Life Insurance Framework reforms.
In a statement to members, published on LinkedIn, Fox stated the adoption of the resolution would damage the reputation of the AFA and lock it out of future negotiations with Government and industry and would anchor the Association in the past.
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