The Council of Australian Life Insurers (CALI), the new industry's main body, has drawn 19 members from the life insurance and reinsurance sectors, accounting for 100% of reinsurers and 99% of life insurers.
The boards of AIA Australia, ClearView, Integrity Life, MetLife, MLC Life Insurance, Pacific Life Re, Resolution Life Australasia, TAL, and Zurich Financial Services are all represented on CALI's board.
Christine Cupitt, the director of policy and strategy at the Australian Banking Association, will become the CEO of CALI in January 2023.
According to co-chairmen Damien Mu, CEO of AIA Australia, and Brett Clark, Group CEO of TAL, "CALI has been created as a dedicated peak organisation to function as the progressive voice of life insurance in Australia and to promote the interests of the industry, our customers, and partners."
Through interaction with all of our stakeholders, including the government, customers, their representatives, and regulators, CALI may play a crucial part in promoting favorable outcomes.
groups representing financial advisors combining
Separately, it was announced that members would vote on the proposed merger between the Association of Financial Advisers (AFA) and the Financial Planning Association of Australia (FPA) in late February 2023.
Consultations on the idea have been ongoing since it was introduced in September. FPA CEO Sarah Abood and chair David Sharpe, AFA CEO Phil Anderson, and National President Sam Perera have met with FPA and AFA members to discuss the proposal and solicit input.
Drafts of important papers, such as the proposed information memorandum, resolutions, and constitution, will be distributed to all members in early December as part of the next phase of consultation. There will next be a lengthy consultation period during which members can comment on the drafts.
AFA and FPA members will get the final versions of the documents, and voting will begin in early February 2023 and end in late February at separate Extraordinary General Meetings (EGMs) of both organizations.
75% of the members present and voting must approve the proposed merger in order for it to go forward.
AFA
For more than 75 years, the Association of Financial Advisers Limited (AFA) has advocated for the importance of financial advice.
FPA
The Financial Planning Association of Australia (FPA), which represents public interests as Australia's top professional organization for the financial planning profession, has close to 11,000 members. The FPA is the only certification authority in Australia for the international CFP® credential and is home to 4,900 CFP® practitioners (Certified Financial Planners) in Australia.
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