On 27 and 28 January 2021 the Adjudication Panel considered an allegation of misconduct against Mr Mapp (the respondent). The respondent was a Fellow between 1990 and 2019 and the allegations relate to his role as scheme actuary to Plan A in the period 2009-2011.
The panel upheld allegations that: he knew or should have known that a charge over property to be granted in relation to an approved withdrawal arrangement (the charge) had not been put in place and therefore could not be effective; he relied on the charge being in place when advising the trustees on the methods and/or assumptions to adopt for the 2009 actuarial valuation, when he knew or should have known that the charge was not in place;he did not advise the trustees of the implications of the charge not being in place on the 2009 actuarial valuation and/or the solvency position; he relied on the charge being in place when preparing the statement of funding principles dated June 2010, when he knew or should have known that it was not in place. The panel found that this was a breach of the principles of competence and care in the Actuaries’ Code (version 1.0).
It was also alleged (and upheld) that he did not advise the Pensions Regulator that the charge was not in place and/or that the statement of funding principles dated June 2010 was incorrectly based on the charge being in place. The panel found that this was a breach of the principle of the compliance principle in the Actuaries’ Code.
The panel determined that these allegations disclosed a prima facie case of misconduct. In considering sanction, the panel took into account all relevant information and was satisfied that the appropriate and proportionate sanction in this case was a reprimand and a fine of £5,000.
Find a full copy of the published determination at bit.ly/3ffHssh