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.

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

To support the investigative process, the Actuarial Profession has signed a Memorandum of Understanding which facilitates the exchange of appropriate information with the Pensions Regulator.

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 case report is published. Tribunal hearings are publicised and, in relation to the 2004 schemes, are open to the public.

For more information, please see the following:

• Case reports
• Investigating actuaries (restricted access)
• Professional Standards Directory
• Rules, regulations and procedures