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1 October 2009

The Actuarial Profession is today launching a new code of conduct covering all its members, which sets out in simple, straight-forward terms the professional and ethical standards that actuaries are expected to adhere to at all times. It replaces an earlier, much more complex set of standards, providing the cornerstone of a revised quality framework for the Profession fit for the 21st century.

The code has five key principles:

  • Integrity – acting honestly and with the highest standards of integrity;
  • Competence and care – performing professional duties competently and with care;
  • Impartiality – not allowing bias, conflict of interest or the undue influence of others to override professional judgement;
  • Compliance – with all relevant legal, regulatory and professional requirements; taking reasonable steps to avoid being placed in a situation of non-compliance; and challenging non-compliance by others;
  • Open communication – communicating effectively and meeting all applicable reporting standards.

Nigel Masters, President of the Institute of Actuaries, said:

"The most valuable asset a profession has is the trust of the people it serves. By setting out the standards we expect from the members of our profession, we are strengthening the bond of trust which exists between actuaries and their clients."

He added:

"This code is an important element of how we interact with the wider world. At a time when the public demand ever stronger guarantees of trust with the financial world, our new code offers just that."

His comments were echoed by Ronnie Bowie, President of the Faculty of Actuaries:

"We will thrive by providing the professionalism our clients demand and deserve. The new code demonstrates our commitment to delivering this professionalism."

The new chairman of the Profession’s professional regulation committee, Sir Philip Mawer, added:

"This is a strong statement of the Actuarial Profession’s intent to modernise and simplify its system of regulation to ensure that its members continue to be ready to meet the needs of today’s business world."

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Enquiries: Tel. Michael Scanlan on 020 7632 1453 / 07798 804 871 or email michael.scanlan@actuaries.org.uk

Notes to Editors

  1. Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
  2. Members of the Profession have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd's.
  3. The Profession is governed jointly by the Faculty of Actuaries in Edinburgh and the Institute of Actuaries in London. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of the Profession in society.
  4. The Profession is available to provide expert comment to the media on a range of actuarial- related issues, including enterprise risk management, finance and investment, general insurance, health and care, life assurance, mortality, and pensions.