- The general duty to act honestly and with integrity
- Acting in an ethical and professional manner
- Being honest and fair
- Respecting others
- Voicing opinions
- Duties outside the actuarial profession
- The duty of confidentiality
- When confidential information may rightly be disclosed
- Guidance on duty of confidentiality in relation to duty of disclosure and avoidance of conflicts of interest
3.1 Members are expected to demonstrate high standards of behaviour. This is reflected in the first principle of the Code, which states:
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.
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.
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.
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.
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.
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.
3.12 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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Presenter Matt Modisett
In collaboration with the Institute and Faculty of Actuaries, the Principles of Responsible Investment is delighted to host this webinar discussing the response to the TCFD’s recommendations two years on from their publication. The webinar will feature new analysis of the 591 investors representing $45 trillion who responded to PRI’s 2019 climate indicators, insights from the past Chair of the IFoA’s Resource and Environment Board as well as an investor case study of implementation in practice from Aviva.
An introductory session to help you get ahead with climate change.
- Science, terminology and initiatives: handy facts to keep in your back pocket
- Getting your point across: how to influence people and avoid common traps and pitfalls
- Taking action: what are actuaries expected to do...and what are we actually doing?
This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
- The future of regulation
- FCA Engagement in Scotland
Friday, 6 September, Beijing Local Time (CST) 14.00-16.30; British Summer Time (BST) 07.00-9.30
The IFoA Beijing Office and China Life are pleased to be co-hosting a Professional Skills Training (PST) session in Beijing, Shanghai and Shenzhen on Friday, 6 September. Wen Li (FIA), the IFoA Lead Representative in China and East Asia, will lead the PST presentation and discussion on ‘Getting it right!’.
The main venue will be in Beijing. Members in Shanghai and Shenzhen can join the interaction with Beijing via video conference at China Life’s regional venues. (see full details below)
This event is now fully booked. Please click here to register for the wait list.
The actuarial profession has much to offer the world of banking. In this second webinar on opportunities for actuaries in banking we have two actuaries sharing their experience
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.
Presenter Jon Spain
This workshop, now in its sixth year, is aimed at senior actuaries working in life insurance - predominantly Chief Actuaries, but also Reviewing Actuaries and others working in risk and financial reporting. It will provide seven hours of relevant CPD.
Three actuaries – and CEOs – discuss their views on how the business world is changing and what that might mean for actuaries in the future.
Have you ever thought about working in wider fields? Would you like to play a role in the fight against climate change to make the planet better?
It can be difficult to do this - but seeing an example you can follow can make it more realistic. In this ‘green’ case study a template is outlined to show how actuaries can apply their skills more broadly - and in doing so, to make a difference.
The Institute and Faculty of Actuaries and the Royal Statistical Society have worked together to develop joint ethics guidance on data science. This is the culmination of an 18 month programme of practitioner led work.
Join us for the launch of this new guidance, with a high-level panel discussion which will explore the role of data science practitioners and professional bodies in data ethics.
The Institute and Faculty of Actuaries is running a sessional meeting on autonomous vehicles on 28th October. The session will showcase the work of the IFoA “Autonomous Vehicles” working party alongside a number of expert external presenters.
ARC Event: Beyond Proportional Hazards: Statistical methods for assessment of the impact of medical advances and health interventions on longevity and population projections.
This workshop is being delivered by the Actuarial Research Centre’s (ARC) ‘Big Health and Actuarial Data’ Research Programme.
This evening will feature two new cases studies that highlight the implications for insurers of issues impacting on health and mortality for life, pensions, and health and care products; Impactability modelling: a worked example in Type II diabetes presented by Josephine Robertson, and Seasonal Mortality in England and Wales 1993-2016 presented by Mary Hall, Dublin City University.
Join us for this brand new seminar that brings together our Current Issues in Pensions, Pensions and the Law, and Investment for Pension Actuaries events. The seminar builds on the IFoA’s Annual Pension Conference with sessions covering CDC, TPR’s code of practice, investments, legal updates and Professional Skills Training with a focus on interactive discussion throughout.
The National Records of Scotland (NRS) collects, preserves and produces information about Scotland's people and history to inform current and future generations - work that underpins the fabric of Scottish society and tells the story of our nation. This KSS talk will explore the following and other areas impacting Scotland’s changing population, and assess the potential implications of the changes:
- population statistics
- life expectancy
- changes in age structure
- birth and death rates, including causes of death statistics.
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.
Watch the live stream of this year's Autumn Lecture with guest speaker Rt Hon Nicky Morgan MP.
We are delighted to announce the launch of the findings from our ARC funded Behavioural Finance research with a special evening event at Staple Inn on Tuesday14th January 2020. Entitled Behavioural Aspects of Institutional Investment Decision-Making, this research programme is being delivered by City, University of London, Leeds University Business School and Ipsos.