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
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Events calendar
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The Growth Mindset for Actuaries
13 October 2021 - 8 December 2021This 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. -
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.
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GIRO 2021 Webinar Series
Online8 November 2021 - 19 November 2021
Join leading experts to discuss key issues, emerging ideas and new research across the general insurance sector. -
Proposals for changes to the regulatory framework on climate change and sustainability
11 November 2021This 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.
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Life 2021 Webinar Series
Online22 November 2021 - 26 November 2021
Join leading experts to discuss key issues, emerging ideas, and new research across the Life insurance sector. -
What next for Mental Health in Insurance?
1 December 2021
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.
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.
Join leading experts to discuss key issues, emerging ideas and new research across the general insurance sector.
Join leading experts to discuss key issues, emerging ideas, and new research across the Life insurance sector.
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.