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The Actuaries' Code Principle 3 - Impartiality

Principle 3 - Impartiality 

3. 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.

3.1  Members must take reasonable steps to ensure that they are aware of any relevant interests that might create a conflict.

3.2  Members must not act where there is an unreconciled conflict of interest.

Users can expect Member’s work to be prepared on an objective basis, and for Member’s professional judgement not to be compromised. There are always risks that Members can be affected by bias, conflict of interest and the undue influence of others. They must therefore ensure they are aware of these risks and endeavour to act, and be seen to act, in an impartial manner.

Find out more in our Guidance on the Impartiality 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:

There is also a Conflicts of Interest Guide:

What is Impartiality?

What do you mean by Impartiality?

What can I do if my impartiality is compromised?         

How do I know if my impartiality is compromised?

Applying the principle to your work

I’ve been asked to tweak a piece of work to bring it in line with my employer’s commercial strategy, could this compromise my impartiality?

Could using tried and tested methodologies put me at risk of bias?

What should I do if I am accused of bias by a colleague?

Is there a risk that my organisation or whole sector could be biased?

How can I identify institutional bias and what can I do about it?

How can a conflict of interest arise and what should I look out for?

I’ve identified a conflict of interest, what can I do?

Where can I find more guidance?

 

Contact Details

For further information contact:

code@actuaries.org.uk

Regulation Team, The Institute and Faculty of Actuaries, Level 2, Exchange Crescent, 7 Conference Square, Edinburgh, EH3 8RA

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Events calendar

  • The Growth Mindset for Actuaries

    13 October 2021 - 8 December 2021

    Fully booked.

    This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.

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    The importance of biodiversity for finance, business and policy is being increasingly recognised. While many studies highlight the overall economic impact that biodiversity loss could have, it is much more difficult to quantify and understand the particular impact that is may have on individual businesses or communities. The management and measurement of these risks is a field where actuaries are well placed to contribute.

  • Spaces available

    The climate crisis and the degradation of our planet will affect societies everywhere. How we address these threats will require solutions that transcend borders. As a global profession, the actuarial community is well-placed to consider and propose effective risk management solutions to help manage the climate crisis.

  • GIRO 2021 Webinar Series

    Online
    8 November 2021 - 19 November 2021
    Spaces available

    Join leading experts to discuss key issues, emerging ideas and new research across the general insurance sector.

  • Spaces available

    This is a free webinar with an expert panel providing their views on the ongoing IFoA consultation for proposals regarding changes to the regulatory framework on climate change and sustainability.

    The regulatory consultation sets out, for feedback some proposed approaches that the IFoA are considering in relation to charter commitments under the UK’s Green Finance Education Charter (GFEC) and the regulatory framework, including the Actuaries’ Code.

  • Life 2021 Webinar Series

    Online
    22 November 2021 - 26 November 2021
    Spaces available

    Join leading experts to discuss key issues, emerging ideas, and new research across the Life insurance sector.

  • Spaces available

    Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.