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 IFoA is developing non-mandatory Guidance to accompany the revised Code, which will include material on Speaking Up. A full review of the IFoA's existing whistleblowing guidance (which includes guidance for both actuaries and employers of actuaries), will be taking place over the coming months.
The final version of the Guidance will be published by early Spring 2019 and will come into force at the same time as the revised Code (18 May 2019).
In the meantime, you can access the IFoA's existing suite of materials on whistleblowing. You can also access the IFoA's full suite of non-mandatory guidance.
Read the revised Actuaries' Code