5.0 Members should speak up if they believe, or have reasonable cause to believe, that a course of action is unethical or is unlawful.
5.1 Members should challenge others on their non-compliance with relevant legal, regulatory and professional requirements.
5.2 Members must report to the Institute and Faculty of Actuaries, as soon as reasonably possible, any matter which appears to constitute Misconduct for the purposes of the Disciplinary Scheme of the Institute and Faculty of Actuaries and/or a material breach of any relevant legal, regulatory or professional requirements by one of its Members.
5.3 In addition to complying with any legal requirements to report matters to relevant regulators or other authorities, Members should also report to those bodies any behaviour that they have reasonable cause to believe is unethical or unlawful, and carries significant risk of materially affecting outcomes.
5.4 Members must take reasonable steps to ensure users are aware of any substantial issues with a piece of work for which they are responsible or in which they have had significant involvement, if those issues might reasonably influence the decision-making or judgement of users.
The principle of speaking up requires Members to raise concerns, discuss problems and flag particular issues or behaviours. It can range from simply addressing concerns with team members to making formal reports to the appropriate authorities.
Given the technical nature of actuarial work, it is important that actuaries always identify issues to users of their work as these issues might not be as apparent to non-actuaries.
Find out more in our Guidance on the Speaking Up Principle of the Actuaries’ Code. You can read the Guidance online, download a copy, or view the questions below which will take you to the corresponding part of the Guidance:
What do you mean by speaking up?
Is speaking up always required?
What is the difference between speaking up and whistle blowing?
What is required of me as a Member?
Within the general duty, are there any specific situations in which I am required to speak up?
What is unethical conduct – can it differ depending on particular culture or location?
How do I determine what is unethical?
I’ve discovered a substantial issue with a piece of work, what should I do in the first instance?
Should I follow my employer’s procedures before raising my concerns externally?
Should I speak to anyone before I report concerns to the IFoA?
If I don’t report an issue to the IFoA, could I face disciplinary action?
What behaviour should I report to other regulators or authorities?
How much do I need to know before I report conduct to the authorities?
What information must I flag to clients or other users of my work?
Appendix D - Issues that may occur to Members who consider speaking up
Appendix E - Practical Questions for Members
Appendix F - How to make a complaint to the IFoA
If you have any enquiries about the Actuaries' Code please email