Conflicts of Interest

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 IFoA's recent conflicts-related updates and conflicts of interest package which contains both mandatory standards and non-mandatory guidance material can be found below.

Regulatory update: monitoring the way in which the new conflicts provisions are being complied with: 1 June 2013

In order to assess how the new conflicts provisions in APS P1 v.2.0 are working in practice, the IFoA is intending to launch an information gathering exercise regarding the use of the rebuttable presumption within the next 6 months or so.  The Working Party and the Professional Regulation Executive Committee are currently considering the best way to go about this exercise.  Further information about this will be published as and when the relevant arrangements have been finalised.

Mandatory: Actuarial Profession Standards (APSs)

Non-Mandatory Resource Material

Please click here to access the non-mandatory conflicts of interest resource material.

Page updated: 1 July 2013