The Institute of Actuaries in England and the Faculty of Actuaries in Scotland are the two regulatory bodies for actuaries in the UK. They deal with allegations against individual actuaries who are members and fellows of their respective organisations which raise a question of professional misconduct. The Disciplinary Board oversees the management of this process.

For more information:

Actuaries must comply with professional requirements in the byelaws of the Faculty or Institute, standards produced by the Profession and the Board for Actuarial Standards, and the professional conduct standards that require them to maintain high standards of professional practice, ethics and conduct, and most actuaries do.

Occasionally, however, things go wrong, and the profession has developed disciplinary procedures in order to enforce its professional requirements. These procedures are set out in the Disciplinary Schemes.

To be effective, the Schemes require volunteer actuaries to act as Investigating Actuaries or as members of the Disciplinary Pool who decide the cases presented to them. For more information, please look under the Disciplinary Appointments Committee section.

Memorandums of understanding

To support the investigative process and to facilitate the exchange of appropriate information, the Actuarial Profession has signed memorandums of understanding with the following bodies:

• Pensions Regulator;
• Pension Protection Fund.

Using these webpages

We are as open as we can be about how the disciplinary schemes operate. The investigation process itself is confidential so we can neither confirm nor deny if an individual is the subject of an investigation. However, whenever there is a finding of misconduct the determination is published. Tribunal hearings are publicised and are open to the public.