Ben Kemp, General Counsel, Institute and Faculty of Actuaries, said: “The Actuaries’ Code sets out the ethical principles all IFoA members are expected to observe to support the profession in acting in the public interest. The changes to the Code are reflective of the ongoing growth and diversification of our membership. They aim to ensure the Actuaries’ Code is fit for the future and underpin our members’ commitment to and reputation for the highest standards of professionalism.”
Key changes include:
• A simplified and more principles-based Code.
• Changes to some of the language contained within the Code aimed at ensuring it is relevant
to all Members, wherever they are based and regardless of their employer.
• The introduction of the words ‘must’ and ‘should’ to clarify Members’ obligations.
• ‘Speaking up’ becomes a stand-alone principle.
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 principles are supported by amplifications that clarify specific requirements of the principles to address particular issues.
Given its importance to the IFoA’s professional framework, we would encourage all IFoA members, as well as other interested stakeholders, to read the revised Code.
Changes to the Actuaries Code
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