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RAPPORT

Actuaries’ Code

Proposals for changes to the Actuaries’ Code

I would like to invite you to participate in this consultation about proposed changes to the Actuaries’ Code (the Code).

The Institute and Faculty of Actuaries (IFoA) is responsible for the regulation of the actuarial profession in the public interest. As part of its regulatory function, it also sets and maintains a framework of standards for its Members, which includes the overarching ethical code of the IFoA.

The Code is a fundamental tool in helping to achieve and maintain the professionalism and reputation of Members and underpins the IFoA’s ongoing commitment to quality in relation to actuarial work.

The Code first came into force in October 2009. Since then, there have been substantial changes both to the IFoA and the actuarial profession as a whole, including a significant extension to the practice areas and types of work carried out by actuaries.

In recent years, Members have increasingly been moving away from the traditional roles carried out by actuaries, such as insurance and pensions, with more and more Members moving towards a diverse range of employment in wider fields.

In addition, approximately half of the membership of the IFoA is now based outside of the UK, with many Members working within the UK also now carrying out work internationally. In 2013, the IFoA carried out a ‘light touch’ review of the Code and determined that a full substantive review of the Code ought to be carried out in due course to ensure that the Code continues to be fit for purpose.

The recommendations set out in this consultation paper follow a period of detailed research, analysis and informal consultation by the Actuaries’ Code Working Party, which was set up by the Regulation Board to undertake the review of the Code. The aim of this consultation is to gather views on the proposed changes to the Code. Once responses have been considered, a decision will be taken by the Regulation Board as to the extent to which the proposals ought to be implemented.

There will then be a period allowed for implementation of the changes, including amendments to related standards, guidance and other documents. The IFoA welcomes comments on the proposals from individual Members, employers of actuaries, other regulators and anyone else with an interest in the standards which the IFoA sets for its Members.

I hope that you will support the proposals and look forward to receiving your comments.

Desmond Hudson Chair of the Regulation Board

October 2017

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