Association of Financial Advisers (AFA) member, Mark Dunsford, has called for an Extraordinary General Meeting (EGM) in a bid to get the AFA to oppose the proposed Life Insurance Framework (LIF) reforms. Dunsford sent out an email via the Life Insurance Customer Group (LICG) addressed to AFA members of the LICG.
The letter stated that Dunsford intended to call for an EGM of the AFA Board so that his concerns regarding LIF could be heard. Dunsford wants the AFA to withdraw its support for the reforms that have been proposed and completely oppose the framework as it stands. His rationale is that it will result in 'poor and detrimental outcomes for consumers'.
Dunsford wants an amendment made to the AFA's constitution, and has encouraged all AFA members to complete and return the EGM request form.
The AFA has made it clear they are aware of the request and oppose the motion, however the required 100 members (five per cent of all members) have not stepped forward with their forms.