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Changes to the Actuaries' Code

The IFoA has published changes to the Actuaries’ Code which will come into effect on 18 May 2019. The changes follow a substantive review of the existing Code and public consultation which took place between October 2017 and January 2018. The existing Code will continue to apply until the revised Code comes into force.

The revised Code

We have published information about the changes being made, as well as links to a series of webpages that are being developed to provide Members with more information about the individual principles and the non-mandatory guidance being drafted to accompany the revised Code.

The principles

The revised Code has six key principles. 

  • Integrity – Members must act honestly and with integrity.
  • Competence and care – Members must carry out work competently and with care.
  • Impartiality – 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.
  • Compliance – Members must comply with all relevant legal, regulatory and professional requirements.
  • Speaking up - Members should speak up if they believe, or have reasonable cause to believe, that a course of action is unethical or is unlawful.
  • Communication – Members must communicate appropriately.

The Actuaries' Code video

Watch our video which explains the background to the review of the Code and the changes that are being made.

You can read more about the detail of the changes in the Consultation Paper and Summary of Consultation Responses

Question and Answers

Who will the revised Code apply to?

As with the existing Code, the revised Actuaries’ Code will apply to all Members of the IFoA.

When will the revised Code apply?

The revised Code will apply at all times to all Members’ conduct in relation to an actuarial role. It will also apply to all Members’ other conduct if that conduct could reasonably be considered to reflect on the profession.

How will the revised Code apply?

As with the current Code, where a Member’s conduct is called into question, failure to observe the revised Actuaries' Code may be taken into account by a Disciplinary Panel.

Non-mandatory Guidance

The IFoA is developing non-mandatory Guidance, which will be applicable from 18 May 2019 (the day the revised Code comes into force). The Guidance will provide information about each of the six principles contained within the revised Code, as well as its application, scope, and status and purpose.

The final version of the Guidance will be published by early Spring 2019 to allow Members to familiarise themselves with the material and ask any questions in advance of it taking effect. 

Training and education

The IFoA is working on a programme of education and training in relation to the revised Code. Members should look out for more details in the coming year.

Support

If you have any questions about the effect of the changes, you can contact the IFoA's Regulation Team

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

  • Data Science: Opportunities for Actuaries

    The IFoA's first virtual event   
    26 February 2019 - 29 March 2019

    Spaces available

    The IFoA are launching their first virtual conference on the topic of Data Science, that is free to attend. This is an exciting and forward thinking move to reach members all over the world and to share knowledge and discuss developments and techniques within data science.

  • Highlights of the Life Conference 2018 - Edinburgh

    Apex Grassmarket Hotel, 31-35 Grassmarket, Edinburgh EH1 2HS
    19 March 2019

    Spaces available

    This one day seminar is suitable for those who could not attend last year's annual Life Conference in Liverpool, but want to see the highlights. Having reviewed session feedback, the Conference Committee have now put together a high-quality technical programme.

  • KSS event - FinTech and The Actuarial Profession

    Barnett Waddingham 163 West George Street, Glasgow, G2 2JJ
    20 March 2019

    Fully booked.

    This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020. The event is now full. However if you wish to join the waiting list, please contact Ji-Hyang.Lee@barnett-waddingham.co.uk

  • IFoA’s Diversity Advisory Group: The Power of Deep Listening

    Aviva, The Agora, Level 2B, St Helens, 1 Undershaft,  London EC3P 3DQ
    21 March 2019

    Spaces available

    8th March is International Women’s Day. The IFoA’s Diversity Advisory Group will be facilitating a session later in March as part of this celebration. Subject to availability. All members are welcomed. Please contact Susan Hunter Jones (susan.hunterjones@aviva.com) to register for the session.

  • WCA event – The cost and value of pensions

    Woolf College Lecture Theatre Canterbury CT2 7BQ
    27 March 2019

    Spaces available

    The cost of pensions is a regular source of debate. But how should pensions be valued? And how has this value changed over times? Paul Sweeting will discuss how these questions can be answered, and their relevance to the current pensions issues.

    To book please email Mark Heller M.Heller@kent.ac.uk

  • SIAS Event: Mortality Improvements Outlook 2019+

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    2 April 2019

    Spaces available

    The CMI Mortality Projections Committee will lead a discussion on mortality projections and how they can be modelled in CMI_2018, including:

    • Recent mortality, and how current improvements vary between different population
    • Long-term prospects for mortality improvements
    • The pace of convergence to the long-term rate
  • Webinar – So You Want to be a NED?

    WEBINAR After registration, you will receive an email confirmation with details on how to access the webinar from your PC, laptop, tablet or mobile.
    3 April 2019

    Spaces available

    Are you considering becoming a NED? Join our facilitated webinar where a panel of experienced NEDs will discuss:

    How you can get started • What qualities and skills are needed to be a NED • What learning and development requirements do you need • Where you can find the necessary resources to build your skills • How a NED role can expand your thinking • How it can enrich your working experience and career • The benefits to being a NED

  • UK Bodily Injury Claims Settlement Framework

    Staple Inn Hall, High Holborn London WC1V 7QJ
    9 April 2019

    Spaces available

    Amid significant UK political uncertainty, the bodily injury settlement framework has continued to make progress. At the time of the Ogden discount rate change of early 2017 and throughout that year, Staple Inn was host to a set of events to discuss the changes and the subsequent MOJ review.

  • Professional Skills Training - London (16 April 19)

    Staple Inn Hall, High Holborn London WC1V 7QJ
    16 April 2019

    Fully booked.

    Please register here to join the wait list

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019.  This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • TIGI 2019 (Technical Issues in General Insurance)

    Royal College of Physicians, 11 St Andrews Place, Regent's Park, London, NW1 4LE
    25-26 April 2019
    Spaces available

    This General Insurance CPD offering has been changed from former years of individual one day seminars to include individual sessions for IFRS 17, Pricing, Capital Modelling and Reserving over a two-day event  packaged as Technical Issues in General Insurance, providing attendees with a varied program . The event is suitable for anyone who works, or are interested, in these areas.

  • Professional Skills Training - Edinburgh (30 April 19)

    IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA
    30 April 2019

    Spaces available

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019.  This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • IFoA Asia Conference 2019, Chengdu

    Crowne Plaza Chengdu Panda Garden, Poly Park 198, No. 1980 ShuLong Avenue,Xindu District, Chengdu
    09-10 May 2019
    Spaces available

    IfoA Logo for eventsOffering a diverse selection of plenary sessions and cross-practice workshops, the annual Asia Conference is the perfect opportunity to discover and discuss current and developing actuarial topics in Asia, whilst providing excellent opportunity to grow your network of contacts.

  • CILA 2019

    30 Euston Square, London NW1 2FB
    14 May 2019

    Spaces available

    CILA is one of the pre-eminent events in the annual Life calendar. It is aimed at practicing life actuaries from life offices, consulting firms and other employers of actuaries. It will also be of interest to all those who work in or advise on, the life assurance market in the UK and Europe.

  • KSS event – Bulk Annuity Market Update

    Willis Towers Watson 2 Lochrin Square, 96 Fountainbridge, Edinburgh EH3 9QA
    15 May 2019

    Spaces available

    This KSS talk will give a bulk annuity market update over 2018 and for 2019 and beyond.  The presenters will also consider bulk annuity options as part of pension scheme de-risking strategies, and how pension schemes can best prepare when requesting a quote in order to achieve a favourable outcome. To book please email Dawn.Neil@willistowerswatson.com.

  • KSS event – Bulk Annuity Market Update

    Willis Towers Watson 2 West Regent Street Glasgow G2 1RW
    16 May 2019

    Spaces available

    This KSS talk will give a bulk annuity market update over 2018 and for 2019 and beyond. The presenters will also consider bulk annuity options as part of pension scheme de-risking strategies, and how pension schemes can best prepare when requesting a quote in order to achieve a favourable outcome. To book a place please email Dawn.Neil@willistowerswatson.com

  • Risk and Investment Conference 2019

    Amba Hotel, Charing Cross, Strand, London WC2N 5HX
    20-21 May 2019
    Spaces available

    This year's Risk and Investment Conference will be taking place at Amba Hotel, Charing Cross, London.

    To book your place click here.

     

  • Sessional Research Event - Saving for Retirement: Rules of Thumb

    Staple Inn Hall, High Holborn London WC1V 7QJ
    20 May 2019

    Spaces available

    How much does the average person need to save over a full working life to provide a decent retirement income? We call this the Lifetime Pension Contribution (LPC) and have attempted to quantify it.

  • NED Event: Behavioural Finance and Boards

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    18 June 2019

    Spaces available

    Substantial work has been undertaken in the field of behavioural finance to explore the psychological factors affecting investment decisions made by individuals.  In contrast, “behavioural” factors (such as politics or human psychology) affecting decisions and actions made by institutional investors, such as insurers or pension schemes, are less understood.

  • Pensions Conference 2019

    Bristol Marriott Hotel City Centre, 2 Lower Castle Street, Old Market, Bristol, BS1 3AD
    18-19 June 2019
    Spaces available

    Covering current topics and industry trends, the conference also includes a pre-conference evening dinner (18 June) giving you the opportunity to develop your network. 

  • Current Issues in General Insurance (CIGI) 2019

    Inmarsat, 99 City Road, London, EC1Y 1BJ
    19 June 2019

    Spaces available

    CIGI will provide an excellent and diverse line-up of speakers, each providing their insight and knowledge on a range of topics.  The programme will be broad in nature, so will be of most value to those with some experience in the industry.