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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