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The Actuary The magazine of the Institute & Faculty of Actuaries

Presidents endorse Actuaries’ Code

The presidents of the Faculty and the Institute have welcomed the publication of an Actuaries’ Code, which sets out the ethical principles all actuaries are expected to follow in their professional life. Launching the code in a joint letter to all members, the presidents said: “We are confident that the principles the Code embodies are those that every actuary would seek to observe in their professional life”.

The new Code, which replaces the Professional Conduct Standards (PCS), comes into force on 1 October 2009. Unlike the PCS, a breach of the Code will not in itself be grounds for disciplinary action. However, where an actuary’s conduct is called into question, the Code will be taken into account to determine whether there has been misconduct within the terms of the Profession’s Disciplinary Scheme.

Next month’s edition of The Actuary will carry articles by Sir Philip Mawer, the new chairman of the Professional Regulation Executive Committee, to introduce the Code and by Roger Dix, chairman of the Professional Awareness Committee, to set out ways in which the Profession will be trying to help members to think through the implications of the Code for them and their professional practice.

Concluding their joint letter, the presidents said: “The actuarial profession faces an exciting and dynamic future. The Actuaries’ Code represents the first step in transforming how we regulate ourselves professionally, to ensure we are as fit as we can be to face that future. By observing the principles the Code sets out, we can all ensure both continued public confidence in our profession and a thriving future for it.”