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The Actuaries' Code Principle 5 - Speaking Up

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’m working for clients outside the UK, do I need to be aware of any particular legal or regulatory requirements?

My duty to speak up appears to be in conflict with legal duties to keep information confidential, what should I do? 

I’ve discovered a substantial issue with a piece of work, what should I do in the first instance?

A duty to disclose information appears to conflict with my employer’s standard-form confidentiality clauses, what should I do?

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?

What happens if I do not report potential misconduct or a material breach of duties to the IFoA immediately?

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

Practical Considerations

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:

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

    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.