Established in 1978, the Life Underwriters
Association of Singapore (LUA) is the premier professional
association representing financial practitioners. Its
5000-plus members
represent more than half of the membership of the insurance-based
financial industry
With the changes brought about by regulation and reviews
in the industry, the Association has changed its name
to the Insurance and Financial Practitioners Association
of Singapore (IFPAS) in its bid to stay relevant and representative
in terms of what it stands for in a transformed financial
landscape.
The primary objectives of the Association are:
- To provide a central organization for insurance and
financial practitioners involved in the promotion and
distribution of insurance and financial products and
services.
- To promote ethical and professional practices of practitioners
engaged in the insurance and financial services profession.
- To promote continuous professional and educational
development of practitioners engaged in the insurance
and financial services profession.
- To promote and safeguard the common interests of the
members of the Association and the public.
In addition, a number of member benefits
such as professional indemnity insurance schemes for its
members are telling indicators of an Association that
has come of age together with the profession.
The change of name and the Association's well-defined
initiatives can be described as the springboard to push
IFPAS forward in its vision to be a united professional
body that can give stature to financial services professionals
through training, education and community service
IFPAS members adhere to its Code of Ethics, which IFPAS
enforces strictly to ensure a high standard of membership,
as well as to protect the public's interests,
the institution of life insurance and the institution of insurance and financial services.
An IFPAS member shall :
- Always place the best interest of his clients before
his own.
- Hold in the strictest confidence, and consider as
privileged, all business and personal information pertaining
to the client's affair.
- Make full and adequate disclosure of all facts necessary
to enable the client to make a intelligent decision.
- Not conduct his profession to cause the public to
lose confidence in the Association or the insurance and financial services industry.
- Not indulge in unethical practices which may be detrimental
to the client or the insurance and
financial services industry.
- Abide by and conform to all rules and regulations
of the Association.
IFPAS members have eagerly opened their hearts and purses
each time they have been called to do their bit for society.
Over the years, IFPAS has raised anywhere from $20,000
onwards annually to donate to various charitable causes.
In 1997, it raised $1.5 million to set up the IFPAS-NKF
Dialysis Centre. This centre serves as a monument to the
spirit of giving and sharing that lives within the hearts
of IFPAS members
