Aims to modernise and simplify its system of regulation to meet the needs of today’s business world
The Actuarial Profession has launched a new code of conduct covering all its members, which sets out the professional and ethical standards that actuaries are expected to adhere to at all times.
Reportedly, the code has five key principles: Integrity – acting honestly and with the highest standards of integrity; Competence and care – performing professional duties competently and with care; Impartiality – not allowing bias, conflict of interest or the undue influence of others to override professional judgement; Compliance – with all relevant legal, regulatory and professional requirements; taking reasonable steps to avoid being placed in a situation of non-compliance; and challenging non-compliance by others and Open communication – communicating effectively and meeting all applicable reporting standards.
Nigel Masters, president of the Institute of Actuaries, said: “The most valuable asset a profession has is the trust of the people it serves. By setting out the standards we expect from the members of our profession, we are strengthening the bond of trust which exists between actuaries and their clients. This code is an important element of how we interact with the wider world. At a time when the public demand ever stronger guarantees of trust with the financial world, our new code offers just that.”
Ronnie Bowie, president of the Faculty of Actuaries, said: “We will thrive by providing the professionalism our clients demand and deserve. The new code demonstrates our commitment to delivering this professionalism.”
Sir Philip Mawer, new chairman of the Profession’s professional regulation committee, said: “This is a strong statement of the Actuarial Profession’s intent to modernise and simplify its system of regulation to ensure that its members continue to be ready to meet the needs of today’s business world.”
The Institute of Actuaries and the Faculty of Actuaries are the two chartered professional bodies for UK actuaries, working closely together across the UK as The Actuarial Profession.
Actuaries provide commercial, financial and prudential advice on the management of assets and liabilities – especially where long term management and planning are critical factors.