Conflicts of Interest
Conflicts of interest is one of the key regulatory areas for the Institute and Faculty and its members.
Professionals are in a privileged position of trust, the corollary of which is the requirement for them to act in accordance with relevant ethical and professional principles. The obligations on professionals include acting with appropriate autonomy, with integrity and in their clients’ best interests, whilst having appropriate regard to the public interest.
Those principles and obligations are nowhere placed in more sharp focus than in the context of professional conflicts of interest, actual or perceived. Our approach to the regulation of conflicts is, accordingly, intended to be clear and appropriately robust, whilst proportionate and targeted at the regulatory and behavioural outcomes that we are seeking to bring about.
The Institute and Faculty's package of conflicts of interest material contains both mandatory standards and non-mandatory guidance material.
Mandatory: Actuarial Profession Standards (APSs)
|APS P1: Duties and Responsibilities of Members Undertaking Work In Relation to Pension Schemes||Published, 29.06.12, effective, 01.07.13|
|APS L1: Duties and Responsibilities of Life Assurance Actuaries||01.10.11|
Non-Mandatory Resource Material
|Conflicts of interest: A guide for actuaries v1.1||A guide to help actuaries consider and understand conflicts of interest issues||01.11.12|
|Conflicts of interest and actuaries: A note for pension scheme trustees v1.1||A note designed to assist actuaries in explaining to trustee boards the professional obligations which fall on them and to assist trustee boards in exploring with their actuary the kinds of conflicts of interest which might arise in practice.||01.11.12|
|Consultation paper: Conflicts of Interest - feedback and final proposals||
This is the final feedback document following the conflicts of interest consultation during 2011 and sets out the Working Party's final proposals on the conflicts package.
|Conflicts Information Evenings Powerpoint Presentation||This was the powerpoint presentation which was used at the conflicts of interest information evenings in July/August 2012 in London, Edinburgh and York.||12.07.12|
|Conflicts of interest video||Video of the conflicts of interest information evening which was held at Staple Inn on 12 July 2012||12.07.12|
|Conflicts of interest video||Video of the conflicts of interest information evening held at Maclaurin House, Edinburgh, on 27 November 2012||27.11.12|
|Conflicts of interest video||Video of the conflicts of interest interactive session held at Staple Inn on 21 January 2013||21.01.13|
|Conflicts of interest video||Video of the conflicts of interest interactive session held at Staple Inn on 11 February 2013||11.02.13|
|Article in The Actuary on Conflicts||Article published in The Actuary on Conflicts of Interest Case Studies with "mock" answer||29.11.12|
Page updated: 1 March 2013