AFA reveals completion date of proposed FPA merger
The AFA, FPA proposed merger is expected to be completed on 3 April.
The legal completion date of the proposed merger between the Financial Planning Association (FPA) and the Association of Financial Advisers (AFA) is scheduled for 3 April, the latter’s chief executive Phil Anderson said in a webinar hosted by the group on Tuesday.
Mr Anderson confirmed that the legal completion will involve the start date of the new name, the new constitution, and the official appointment of the AFA directors to the joint board, as well as the transition of AFA staff to the new entity.
AFA members have been advised that they will receive an invitation to join the merged entity, most probably in April, and will have the opportunity to confirm this up to 15 June.
Members that do opt-in will be transitioned on 1 July. Post this date, another EGM will be held to windup the AFA and appoint a liquidator.
Regarding the merged entity’s new name, Mr Anderson said that a preferred name has emerged out of member consultations.
“There is a preferred name, we’re not a position to announce it publicly but we hope to be shortly,” he said.
The FPA and AFA agreed in principle in September to explore a merger. In November, they invited their members to complete a survey regarding the proposed merged entity’s name.
Voting is due to formally open in early February and close at the FPA and AFA EGMs on 28 February. The results will be announced shortly thereafter.
For the proposal to succeed, 75 per cent of members of both associations who vote will need to vote in favour.
More to come.