Principle 5 - Speaking Up
5. Members should speak up if they believe, or have reasonable cause to believe, that a course of action is unethical or is unlawful.
5.1 Members should challenge others on their non-compliance with relevant legal, regulatory and professional requirements.
5.2 Members must report to the Institute and Faculty of Actuaries, as soon as reasonably possible, any matter which appears to constitute Misconduct for the purposes of the Disciplinary and Capacity for Membership Schemes of the Institute and Faculty of Actuaries and/or a material breach of any relevant legal, regulatory or professional requirements by one of its Members.
5.3 In addition to complying with any legal requirements to report matters to relevant regulators or other authorities, Members should also report to those bodies any behaviour that they have reasonable cause to believe is unethical or unlawful, and carries significant risk of materially affecting outcomes.
5.4 Members must take reasonable steps to ensure users are aware of any substantial issues with a piece of work for which they are responsible or in which they have had significant involvement, if those issues might reasonably influence the decision-making or judgement of users.
The principle of speaking up requires Members to raise concerns, discuss problems and flag particular issues or behaviours. It can range from simply addressing concerns with team members to making formal reports to the appropriate authorities.
Given the technical nature of actuarial work, it is important that actuaries always identify issues to users of their work as these issues might not be as apparent to non-actuaries.
Find out more in our Guidance on the Speaking Up 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:
What is Speaking Up?
What do you mean by speaking up?
Is speaking up always required?
What is the difference between speaking up and whistle blowing?
What is required of me as a Member?
Within the general duty, are there any specific situations in which I am required to speak up?
Applying the principle to your work
What is unethical conduct – can it differ depending on particular culture or location?
How do I determine what is unethical?
I’ve discovered a substantial issue with a piece of work, what should I do in the first instance?
Who do I speak up to?
Should I follow my employer’s procedures before raising my concerns externally?
Should I speak to anyone before I report concerns to the IFoA?
If I don’t report an issue to the IFoA, could I face disciplinary action?
What behaviour should I report to other regulators or authorities?
How much do I need to know before I report conduct to the authorities?
What information must I flag to clients or other users of my work?
Further guidance
Appendix D - Issues which may occur to Members who consider speaking up
Appendix E - Practical Questions for Members
Appendix F - How to make a complaint to the IFoA
Contact Details
For further information contact:
Regulation Team, The Institute and Faculty of Actuaries, Level 2, Exchange Crescent, 7 Conference Square, Edinburgh, EH3 8RA
Filter or search events
Events calendar
-
Pensions: Actuarial Factors used to Calculate Benefits in UK Pension Schemes
Webinar28 January 2021The IFoA’s Actuarial Review Team has published its first thematic review, which looked at the actuarial advice given by scheme actuaries to UK pension scheme trustees on setting transfer values and commutation rates.
-
India Town Hall
Webinar28 January 2021
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual India Town Hall 2021, hosted by John Taylor with IFoA Council Member Mahidhara Davangere and IFoA Chief Executive, Stephen Mann. -
Winter Thought Leadership Lecture with Vicky Pryce
Webinar3 February 2021What are the options for the world economy looking ahead?
In this Thought Leadership Lecture, Economist, Vicky Pryce, will be discussing world economic trends, including the differences in geographical performance and how output is recovering and where.
-
Professional Skills Training Webinar - 9 February 2021
Webinar9 February 2021
Trust and Leadership for ActuariesLed by Dr. Jim Baxter, University of Leeds, this webinar introduces some key ideas in the ethics of trust, with a particular focus on those in, or on the path to, leadership roles. Dr Baxter is joined by a panel of experienced leaders who will give their personal perspectives on how they understand the value of trust and how they seek to promote and inspire trust, drawing on their experiences of leadership. The panel includes:
-
Health and Care Hot Topics webinar
Online webinar10 February 2021In this webinar, we have two presentations showing the latest research on the implications for life and health insurers of two key issues: genomics and pandemic risk.
Dr Peter Joshi and Paul Timmers will share their research on how well-established underwriting processes can allow for genomics in predicting expected mortality and morbidity. They will then discuss the potential for stratified screening and personalised medicine to improve health and reduce claim costs.
-
As the world’s attention begins to turn to COP26 later this year in Glasgow, Sarah Gordon (Chief Executive, Impact Investing Institute) will share her vision for how the financial services industry can deliver for people and the planet, as well as how to encourage more investment with the intention to generate positive, measurable social and environmental impact alongside a financial return.
-
Sub-Saharan Africa Town Hall
26 February 2021IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual SSA Town Hall 2021, hosted by John Taylor with IFoA Council Members Mukami Njeru, Prosper Matiashe and IFoA Chief Executive, Stephen Mann. -
MENAP Town Hall
2 March 2021IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual MENAP Town Hall 2021, hosted by John Taylor and IFoA Chief Executive, Stephen Mann.
IFoA Immediate Past President John Taylor would like to invite you to the Institute and Faculty of Actuaries’ (IFoA) virtual India Town Hall 2021, hosted by John Taylor with IFoA Council Member Mahidhara Davangere and IFoA Chief Executive, Stephen Mann.