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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

  • Autumn Lecture 2020: Professor Elroy Dimson

    Online webinar
    14 October 2020

    Spaces available

    Many individuals and institutions have a long-term focus, and invest funds for the benefit of future generations. Their strategy should reflect their long horizon. University endowments are one of the oldest classes of institutional investor, and I will present the first study of the management of these endowments over the very long term.

  • GIRO Conference 2020 Webinar Series

    Available to watch globally in November.
    02-13 November 2020
    Spaces available

    This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area

  • Life Conference 2020 Webinar Series

    Online
    16 November 2020 - 27 November 2020

    Spaces available

    This year's Life Conference has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the life insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's website.

  • Spaces available

    The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer.

  • Spaces available

    Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements.

  • Spaces available

    Patrick Kennedy, Partner at Gateley Legal and Founding Director of Entrust (a leading professional pensions trustee company), will be delivering an update on the latest legal developments during the course of 2020. With both a pensions legal perspective and over 25 years of trustee service, Patrick will seek to highlight how the letter of the law has continued to evolve against the backdrop of a difficult and challenging year

  • Spaces available

    The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report.