20 May 2019
The revised Actuaries’ Code came into force on 18 May.
The Actuaries’ Code is the ethical Code of Conduct that applies to all Members of the IFoA and Members should familiarise themselves with the changes.
The Code is designed to support Members in adhering to high standards of professional and personal conduct, while protecting the public interest and assuring trust in the profession.
Changes to the Actuaries’ Code
The Code has been revised to make it more principles based, to clarify the nature of the obligations on Members, and to make it appropriate for the more diverse IFoA membership.
The requirement to Speak Up has been redrafted as a stand-alone principle reflecting how important it is for Members to voice concerns. Raising issues and challenging others is an integral part of being an actuary, helping to protect users and the profession.
Therefore, the Code now has six principles:
- Integrity
- Competence and Care
- Impartiality
- Compliance
- Speaking Up, and
- Communication.
Supporting Guidance
You can find Guidance which supports Members in understanding their obligations and applying the Code in practice on the IFoA website. The Guidance draws on previous IFoA Guides including those on Conflicts of Interest and Whistleblowing. It is essential reading for all Members.
The Guidance can be accessed from our Actuaries' Code pages or downloaded in PDF format.
This year’s Professional Skills Webinars focused on various aspects of the Code and can be watched through the VLE.
If Members have any questions on the Code they should contact the IFoA’s Regulation Team at regulation@actuaries.org.uk