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Professional Conduct Standards Definitions
Professional Conduct Standards, version 3.0
In addition, the PCS uses the term “should normally” to indicate that members must comply with a particular requirement or prohibition, unless the circumstances are such that the requirement or prohibition is inappropriate and non-compliance is consistent with the standards of behaviour, integrity, competence and professional judgement which other members or the public might reasonably expect of a member.
| Reference: | Definition: |
| actuarial practice | Investigations and assessments (including reports on such assessments) of an actuarial nature and where there is a requirement or predominant market practice of using actuaries in their production. |
| Actuarial Profession | The Faculty of Actuaries and the Institute of Actuaries acting jointly. When reference is made to seeking guidance from the Actuarial Profession, the Secretary of the Professional Affairs Board should be contacted. |
| AP standard | An actuarial standard for which the Actuarial Profession is responsible excluding, for the avoidance of doubt, guidance originally issued by the Actuarial Profession which has been adopted by BAS. Also, for the avoidance of doubt the PCS is classified as an AP standard. |
| BAS | The Board for Actuarial Standards. |
| BAS standard | An actuarial standard for which BAS is responsible including, for the avoidance of doubt, guidance originally issued by the Actuarial Profession which has been adopted by BAS. |
| disciplinary schemes | The disciplinary schemes of the Institute of Actuaries as set out in the Institute’s Bye-laws and/or the disciplinary scheme of the Faculty of Actuaries as set out in the Faculty’s Rules and Bye-laws. Where reference is made to referring a matter under the disciplinary schemes, the Head of the Disciplinary Investigation Team of the Actuarial Profession should be contacted. |
| external requirements | Legislation, regulations or guidance provided by any statutory or regulatory body relevant in the context of any particular issue with which a member is involved, other than those included in professional standards. |
| member | A Fellow or an Associate of the Faculty of Actuaries or a Fellow, an Associate, an Affiliate or a Student of the Institute of Actuaries. Faculty Students and Affiliates are deemed to be members for the purposes of professional standards. |
| member’s firm | The entity of which the member is a partner, a member (in an LLP), a director or an employee. Where there is more than one member’s firm in relation to a member, the term shall be construed as meaning the relevant firm or firms in the context in which the expression is used. |
| professional standards | BAS standards, AP standards and the PCS |
| reserved advice | Advice given by a member which, because of prescription in: • legislation, • regulation, or • a contract, deed or other legal document, usually to the effect that the advice must be given by an actuary as therein defined, could not have been given by the individual if that individual were not a member. Although Section 47 of the UK Pensions Act 1995 allows the Secretary of State to recognise a non-member as an actuary for the purposes of the Act, and corresponding powers exist in other legislation in the UK and elsewhere, any such power is not to be construed as removing the associated advice from the scope of reserved advice as defined here. |
| senior actuary | A Fellow of the Institute or the Faculty of Actuaries in a member’s firm who has been nominated by that firm in respect of professional actuarial matters. |
Page updated: 2 December 2008
Contact: Web editor
Contact: Web editor