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The Actuaries' Code

The Actuaries’ Code is the ethical Code of Conduct that all Members of the IFoA must adhere to. It came into force on 18 May 2019.

The Code has six principles. 

  1. Integrity – Members must act honestly and with integrity.
  2. Competence and care – Members must carry out work competently and with care.
  3. Impartiality – Members must ensure that their professional judgement is not compromised, and cannot reasonably be seen to be compromised, by bias, conflict of interest, or the undue influence of others.
  4. Compliance – Members must comply with all relevant legal, regulatory and professional requirements.
  5. Speaking up - Members should speak up if they believe, or have reasonable cause to believe, that a course of action is unethical or is unlawful.
  6. Communication – Members must communicate appropriately.
     

Read the full Code
 

Who does the Actuaries' Code apply to?

The Actuaries’ Code applies to all members of the IFoA

When does the Actuaries' Code apply?

The Code applies at all times to all Members’ conduct in relation to an actuarial role.

The Code also applies to all Members’ other conduct if that conduct could reasonably be considered to reflect upon the profession.

How does the Actuaries' Code apply?

If you have any questions about your obligations under the Actuaries' Code you may wish to submit your query to the Professional Support Service.

Failure by a Member to comply with the ethical requirements set out in the Code may lead to disciplinary proceedings under the IFoA’s Disciplinary and Capacity for Membership Schemes.

Guidance

The IFoA has developed non-mandatory Guidance to support the principles and amplifications in the Actuaries' Code. It has advice for members to help them better understand the nature of their obligations under the Code and applying it in practice.

Access the guidance

Download our guidance as a PDF
 

Download the guidance as a PDF
 

Training and education

The Professional Skills Training webinars and videos touch on various aspects of the Code and are available to watch through the VLE

Support

If you have any questions about the Code, you can contact the IFoA's Regulation Team

Contact Details

If you have any enquiries about the Actuaries' Code please email

regulation@actuaries.org.uk

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Events calendar

  • Finance in the Public Interest Series

    16 March 2021 - 23 March 2021

    Spaces available

    There is widening debate that many of our social, financial and regulatory institutions need to be rethought so that we can create more sustainable futures, particularly in light of the Covid-19 pandemic, the policy/macro-economic response to the pandemic and how it affects consumers, as well as the impending climate crisis. This multi-day series of three keynote webinars, individually presented by leading economist John Kay, Sir Paul Collier, Professor of Economics and Public Policy at the Blavatnik School of Government, Ashok Gupta, Chair at Mercer Ltd, and Nico Aspinall, Chief Investment Officer at B&CE, will open up discussion on these essential topics. The series will culminate in a panel session with Chief Economist of the Bank of England, Andy Haldane.

  • The price is righter

    16 March 2021

    Spaces available

    This webinar provides an overview of the state of the UK protection market, and how different insurers are using different levels of sophistication to price (such as using customer demand models). It considers how insurers have implemented these sophisticated pricing techniques, and the practical challenges they have faced.

  • Spaces available

    This discussion will revolve around the latest industry developments including and introduction to Part VII transfers and Schemes of Arrangement (process, parties involved and recent events), insights and lessons from recent with-profits transactions and restructurings (including Equitable Life and Pru-Rothesay), how firms can apply these learnings to future arrangements, and the outlook for future with-profits transactions and restructurings (including the impacts of Covid-19 and Brexit)

     

  • Spaces available

    What is stewardship and how has the landscape changed under the 2020 UK Stewardship Code? How does effective stewardship create long term value for beneficiaries and what roles do asset owners and asset managers play in active stewardship. This webinar will offer answers to these questions in a practical approach to stewardship reporting.

  • Spaces available

    Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis.  However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year.  This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work.