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The general duty to act honestly and with integrity

3.1 Members are expected to demonstrate high standards of behaviour. This is reflected in the first principle of the Code, which states:

Members must act honestly and with integrity.”

Acting in an ethical and professional manner

3.2 Integrity is generally accepted as a fundamental requirement to act in an ethical and professional manner.  If someone has integrity, their actions are consistent with their beliefs, both stated and real.  They will not claim to have a certain belief and then act in a way that contradicts this, whether or not they are likely to be caught out.

Being honest and fair

3.3 Acting with integrity in a professional setting will generally mean being straightforward and honest in your professional and business relationships and dealing fairly with those around you. This expectation extends to situations in which you are promoting your business services.

Respecting others

3.4 The first amplification under the Integrity principle provides that:Members must show respect for others in the way they conduct themselves.”  The scope of this requirement extends not only to users, but to anyone with whom Members interact, including colleagues and the general public.  Amongst other things, showing ‘respect for others’ includes not deceiving or manipulating others, not taking credit for others’ work and not spreading false or defamatory information about people.  More subtly, showing respect for people includes such things as avoiding the temptation to publicly ridicule others’ ideas and giving people a fair hearing. Often, a lack of respect can be demonstrated by non-verbal communication as much as by a person’s choice of words, their tone of voice or the volume with which they speak.

3.5 In determining whether a course of conduct demonstrates a lack of respect, it is important to consider how you would feel if the behaviour in question were being directed at you instead. It is also worth remembering that the same behaviour may have a different impact on different people; what one person may find offensive may not have any effect on another. Often, people of different social and cultural backgrounds can perceive the same conduct and behaviour very differently.

Voicing opinions

3.6 Showing respect for others does not mean that Members cannot voice their opinions or disagree with others where they hold an opposing point of view. Legitimate challenge and constructive comment are to be encouraged both in a professional setting as well as in other contexts. Nor is the Code intended to impinge upon Members’ rights to free speech or to express their religious and political views. It is expected however that where disagreements do arise, Members will act with courtesy, recognising the rights of others to hold and express different ideas and opinions from them.

3.7 The IFoA promotes equality and diversity and the development of an inclusive profession that incorporates people from a range of backgrounds. Members are encouraged to behave in a way that recognises and respects diversity and different cultures.

Duties outside the actuarial profession

3.8 The Code applies to all Members’ other conduct if that conduct could reasonably be considered to reflect upon the profession”.  This means that conduct outside of a Member’s actuarial professional life that demonstrates a lack of respect towards others will be caught by the Code, but only to the extent that it may have an impact upon the reputation of the actuarial profession as a whole. In a personal context therefore, not all behaviour that demonstrates a lack of respect will be caught by the Code.  Members are expected to use reasonable judgment in determining what behaviour is appropriate.


The duty of confidentiality

3.9 Users and the general public are entitled to expect that sensitive information will not be misused, treated carelessly or, other than in exceptional circumstances, be shared without permission.  This is reflected in the second amplification under the Integrity principle which provides that: Members should respect confidentiality.”

3.10 Confidential information to which a Member may have access includes personal data about third parties such as insurance or pension policy holders.  It may also include communications from clients, such as emails, and some commercially sensitive information relating to businesses with which the Member interacts.  Sometimes confidential information will not be labelled as such, and Members will need to exercise judgment as to whether there is a reasonable expectation that information should be considered confidential. 

3.11 Information which is already lawfully in the public domain is not ordinarily confidential. 

When confidential information may rightly be disclosed

3.12 The duty of confidentiality, while important, is not absolute. Information can be disclosed in certain circumstances where disclosure is required by law, or is permitted by law, and can be justified in the public interest.  The IFoA recognises that certain situations will arise in which legal or other requirements will override a Member’s duty of confidentiality.  That is why the specific amplification dealing with confidentiality has been drafted as a ‘should’ provision, rather than a ‘must’.  Indeed, the ‘Speaking up’ principle of the Code may require confidential information to be disclosed under certain circumstances – in such situations Members need to carefully consider the extent and manner of disclosure necessary and avoid disclosing more than is necessary to fulfil their obligations.

3.13 A number of statutes empower government and other bodies, for example HM Revenue and Customs in the UK, to require any person to disclose documents and/or information.  This might be, for example, in situations where confidential information indicates criminal wrongdoing.  In the absence of a user’s specific consent, it would be prudent to check under which statutory power the information is being sought and consider the relevant provisions carefully before proceeding with the disclosure.

3.14 Disclosures which are permitted by law, and justified in the public interest, might include situations in which criminal or unethical conduct is indicated, but where there is no legal requirement to disclose, or where disclosure is necessary for the purposes of reporting a serious impropriety to a relevant regulatory body. 


Guidance on duty of confidentiality in relation to duty of disclosure and avoidance of conflicts of interest

3.15 Further guidance on the interaction between the duties of confidentiality and disclosure is set out in Section 7 of this Guidance.  Guidance on the duty of confidentiality, as it relates to conflicts of interest, can be found in Section 5 of this Guidance. 

The duty of confidentiality is a difficult area; therefore, you might want to take legal advice on these issues.

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Events calendar

  • IFoA Joint Member Event with the Sunshine Insurance Group, Beijing China

    Room TBC, Kuntai International Plaza, No.12, Chaowai Street, Chaoyang District, Beijing 地址:会议室待定,北京市朝阳区朝外大街乙12号1号楼昆泰国际大厦
    12 December 2019

    Spaces available

    The IFoA’s President-elect Tan Suee Chieh will visit Beijing. We will co-host CPD and Awards Presenting event with the Sunshine Insurance Group on Thursday 12 December 2019. The event is part of Mr Tan’s first presidential trip to China.

  • ARC Sessional Research Event: Drivers of Mortality - Risk Factors and Inequality

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    6 January 2020

    Spaces available

    The authors will focus on a large dataset obtained from the UK’s Office for National Statistics (ONS) and related sources. Data are available at the level of Lower Super Output Areas (LSOAs) – small geographical areas with, typically, 1000-2000 residents and include death counts, exposures and a significant number of socio-economic variables including the index of multiple deprivation (IMD).

  • SIAS Event: My Journey to Data Science, Big Data and AI

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    7 January 2020

    Spaces available

    Patrick Lee is an actuary who has made the transition to working in software architecture and artificial intelligence (AI). He holds Microsoft Professional qualifications in Data Science, Big Data and AI and is currently working towards a DevOps (the automation of software testing and deployment) qualification. He is a member of the IFoA Council and is also President of the Wessex Actuarial Society. He is also a member of the IFoA and the RSS's joint Data Science Focus Group and will talk on the ethical use of AI. 

  • Spaces available

    This presentation covers the detail for how the matching adjustment is calculated. A small simple example spreadsheet is provided and discussed in detail.

    For actuaries wanting to get more involved with the matching adjustment, this is the opportunity to get a detailed description of the mechanics involved. This includes cashflows derisking, PRA tests as well as hypothecation.

    The presentation is provided by James Sharpe who has worked on a number of matching adjustment calculations with several firms.

  • IFoA Volunteer Recognition Reception

    Staple Inn, 4 High Holborn, Holborn, London WC1V 6DR, UK
    15 January 2020

    Spaces available

    As a thank you to all our Institute and Faculty of Actuaries (IFoA) volunteers, you are invited to join us at Staple Inn Hall, for an evening of drinks, canapes and networking, in London.

    IFoA President, John Taylor, will be attending and will make a speech

    If you support the IFoA as a volunteer (member or non-member), or in any other role, and you are going to be in London on 15 January, please book your place and join us at this reception.

     

  • Sessional Meeting - Operational Risk Dependencies

    Royal College of Physicians of Edinburgh 9 Queen St Edinburgh EH2 1JQ
    20 January 2020

    Spaces available

    The Operational Risk Working Party aims to assist actuaries and others in the modelling and management of operational risk. One of the key challenges in modelling operational risk is the modelling of dependencies between operational risks, and between operational and non-operational risks such as market, credit and insurance risk. Their paper seeks to assist in this regard, and help develop good practice in setting assumptions and modelling operational risk dependencies. 

  • KSS event in Glasgow: Public Sector Pensions

    Hymans Robertson, Glasgow 20 Waterloo St, Glasgow
    30 January 2020

    Spaces available

    – the unappreciated key assumption, the resulting unsustainable promises, the unmanaged risk and the unrecognised debt? 

    Speaker: Allan Martin will present this talk on 30 January in Glasgow, Stirling and Edinburgh. If you wish to register for another location please return to the Events Calendar.

  • KSS event in Stirling: Public Sector Pensions

    M&G Prudential, Stirling Craigforth Campus, Stirling
    30 January 2020

    Spaces available

    – the unappreciated key assumption, the resulting unsustainable promises, the unmanaged risk and the unrecognised debt? 

    Speaker: Allan Martin will present this talk on 30 January in Glasgow, Stirling and Edinburgh. If you wish to register for another location please return to the Events Calendar.

  • KSS event in Edinburgh: Public Sector Pensions

    Hymans Robertson 1, Exchange Place, Semple St, Edinburgh
    30 January 2020

    Spaces available

    – the unappreciated key assumption, the resulting unsustainable promises, the unmanaged risk and the unrecognised debt? 

    Speaker: Allan Martin will present this talk on 30 January in Glasgow, Stirling and Edinburgh. If you wish to register for another location please return to the Events Calendar.

  • The Great Risk Transfer – Breakfast briefing and launch event

    Staple Inn Hall, High Holborn London WC1V 7QJ
    31 January 2020

    Spaces available

    Launch of the IFoA’s 2020 thought leadership campaign The Great Risk Transfer. The campaign will examine the trend of the transfer of risk from institutions to individuals, and how people can be better equipped to manage the financial risks they now face. At this breakfast event the IFoA will launch a call for evidence on this topic.

  • Professional Skills Training - London (11 February 2020)

    Staple Inn, High Holborn, London WC1V 7QJ         
    11 February 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Sessional: Impact of E-cigarettes Working Party

    Royal College of Physicians, 9 Queen St, Edinburgh EH2 1JQ
    24 February 2020

    Spaces available

    This sessional meeting will be of direct interest to actuaries and others working in the in the Health and Care, Life or Pensions sectors or indeed actuaries with an interest in morbidity or mortality. Note: Registration is from 17.30 in time for the sessional to begin at 18.00.

  • Professional Skills Training - Edinburgh (25 February 2020)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    25 February 2020

    Spaces available

    A Trusted Profession

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Spring Lecture 2020, Edinburgh - Vicky Pryce

    Assembly Rooms, 54 George St, Edinburgh EH2 2LR
    25 March 2020

    Spaces available

    What next in Economic Policy?

    Please join us on 25 March 2020 for our annual Spring Lecture presented by Vicky Pryce in Edinburgh. 

  • IFoA Asia Conference 2020, Kuala Lumpur

    CCEC Nexus, 7, Jalan Kerinchi, Bangsar South, 59200 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
    24-25 June 2020
    Spaces available

    The sixth annual Asia Conference once again offers a prestigious line-up of home and international speakers discussing the insurance and financial industry’s innovation and change in Asia. This year's conference in Kuala Lumpur will be hosted by Tan Suee Chieh, IFoA’s first Asian President. He will also make his Presidential address at this conference and will expand on the important elements of IFoA’s new strategy. 

    Additionally, this landmark conference will showcase how the IFoA is reinventing itself to support its members to succeed and thrive in a digital age, within traditional businesses and beyond, as a global organisation. 

    Not to be missed by international industry players, opinion formers, academic and industry leaders, actuaries and non-actuaries.