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The Actuary The magazine of the Institute & Faculty of Actuaries

New consultation for Actuaries’ Code

The consultation period for the Actuaries’ Code and supporting Actuarial Profession Standards, produced by the Professional Affairs Board, came to a close on 4 January 2008. In all, 35 respondents contributed but by far the most critical respondent was the Professional Oversight Board, which chose to publish a letter on its website.

The Professional Affairs Board recognises that this second round of consultation brought forward some fresh ideas, many taking an opposite view to feedback received in the first exercise, and it recognises that the Professional Oversight Board’s contribution does contain some valid and useful comments. There remain some significant areas of apparent divergence between the two but the Professional Affairs Board expects these issues can be resolved. Taken alongside some of the feedback from other respondents, however, the Board has accepted that it would be sensible to rework the wording of some of the principles and indeed some of the presentation.

With that in mind, the Professional Affairs Board has arranged meetings with the Professional Oversight Board both at board and executive level to take the Code forward. The Professional Affairs Board anticipates that there may be some significant changes in wording and to that end it will arrange another consultation process, including meetings in Edinburgh and London. This will inevitably push the implementation period back towards autumn this year.