The Association of Financial Advisers (AFA) has bowed to pressure from its membership and agreed to hold an extraordinary general meeting.

In a short statement the association has acknowledged it received the required number of forms requesting the meeting.

This is in contrast to previous statements that not enough forms were submitted to meet requirements set out in the Corporations Act.

The meeting will consider a resolution to change the AFA constitution in a way that reduces the board’s policymaking powers.

It will require a 75% majority at the meeting to be carried.

The meeting must be held before October 30. This means it could be held at the AFA conference in Canberra from October 5-7.