Life insurance agents are being increasingly joined by financial service advisors in helping customers achieve financial security for their future.

Acknowledging this change, the Life Underwriters Association of Bermuda (LUAB) are meeting this morning to discuss broadening the organisation's membership to include financial service intermediaries.

President of the LUAB Michael Figueirado in a release issued yesterday said: "Members of our Association, who at one time only distributed protection products like life insurance, income replacement insurance and group benefit plans, are now able to offer members of the public, wealth accumulation products in the form of mutual funds and other non-guaranteed investment products.

"This has required our Association to review our constitution and by-laws as well as our code of ethics, to ensure that they meet the needs of our members and also of consumers,'' he continued.

John Barnett, chairman of the LUAB's legislation review committee said that expanding the membership to include financial services intermediaries would strengthen the marketplace for consumers.

"One of the very important aspects of this organisation would be our strong code of ethics,'' Mr. Barnett said. "This would provide further protection for the consumers as we would lay out specifically what members could do and not do. And we would also set out the consequences for not abiding by the code which ultimately would result in expulsion from the association and being reported to the appropriate Government authority.'' Asked if the strict codes might actually deter professionals in the field, Mr.

Barnett said: "This should not dissuade people. In fact rather than diminishing interest I am confident it (the code of conduct) will attract new members.''