4 July 2020
Stephen Redmond, Chair of the IFoA’s Disciplinary Board, reflects on the Board’s work over the period 1 January 2019 – 29 February 2020.
I joined the Disciplinary Board as Chair in February 2019 and enjoyed my first year relatively stress free. When working with the Executive on drafting my first Annual Report as Chair, little did I, or anyone else, know the extent of what was around the corner. Our last meeting together was on 12 March 2020 a matter of days before lockdown. Since then we have adapted to holding board meetings via video conferencing. While we miss the face-to-face interaction I am delighted that both the Executive and my colleagues on the Board have continued to progress disciplinary work with a particular focus on public interest cases. It is also pleasing to see that the IFoA has been quick to send out messaging to the IFoA’s worldwide membership about being understanding during the Covid-19 pandemic.
This blog provides a brief summary of the last reporting year. More detail is available in the Disciplinary Board’s Annual Report.
Scheme Review
The focus of 2019 has been on the setting up of the Scheme Review Working Party. Ian Farr, FFA Chairs the Working Party which includes members of the Board (including the Chair) and lay members from other regulators. The Working Party carried out a comprehensive review of the disciplinary process.
After considering alternative models it was recommended that the IFoA maintain a misconduct regime. The Board agreed with this recommendation, has reviewed and approved 22 further high level principles from the Working Party and will continue to scrutinise the Working Party’s output.
The Scheme Review is currently on hold to allow the Executive to focus on progressing cases during the COVID-19 pandemic. It will be recommenced as soon as possible.
Other developments
The Board has strengthened its ability to oversee the operation of the disciplinary process by establishing a Determinations Review Sub Committee. The Sub Committee reviews every determination issued and provides recommendations to the Board on how the decision making process can be improved.
For the first time, annual online training was provided to all panel members. Feedback from these training sessions and from the Sub Committee will assist the Board in setting the next training programme.
Cases considered under the Disciplinary Scheme in 2019/20
Historically the number of cases of alleged misconduct referred to the Disciplinary Scheme each year is relatively low. In 2019/20 39 allegations were received, 16 of which related to the same subject matter. Overall, after adjusting for the 16 related cases, the case level is similar to other years.
In 2019/20 a total of 33 cases of alleged misconduct were heard by adjudication panels and 9 cases were heard at the Tribunal stage.
Where this a finding of misconduct, the determinations are reported in The Actuary magazine, the IFoA website and on the member’s publically accessible online record.
Looking forward
The focus for 2020/21 will be on recommencing and completing the substantive review of the Disciplinary and Capacity for Membership Schemes. The Working Party will present further detailed proposals to the Board for review followed by a full set of rules and regulation for approval. Views of stakeholders will be sought at key stages.
The Disciplinary Board is committed to ensuring the Disciplinary Scheme is operating effectively with the Determinations Review Sub Committee playing a key part in this. Board Members will continue to routinely attend public hearings to observe how the policies and guidance it sets are applied in practice. Training will also be delivered to disciplinary panel members and Investigation Actuaries to ensure that the disciplinary process is as effective as possible.
The Board is also committed to examining and improving its own governance arrangements.
If you have any comments on the Annual Report or the IFoA’s disciplinary process please contact the Disciplinary Board at Disciplinary.Board@actuaries.org.uk.