The Association of Financial Advisers (AFA) has reported that the proposal that was put forward to withdraw support for the Life Insurance Framework (LIF) was rejected at its extraordinary general meeting (EGM).
The AFA announced that almost 75 per cent of members were against the proposed withdrawal, with 26 per cent voted for the move. The vote has indicated that members at the industry association were supportive of LIF, and support of the move to remove the AFA was not broadly seen.
In fact, the man who brought the motion forward, Mark Dunsford, actually called to withdraw the vote and EGM, but the democratic process went ahead regardless.
In August, 188 valid subject forms were submitted to the AFA requesting an EGM to propose amendments to the AFA's constitution in regard to the proposals laid out in LIF.