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The Actuary The magazine of the Institute & Faculty of Actuaries

Professional Affairs Board news

Professional conduct standards (PCS)

From 16 January 2006, version 2.3 of the PCS became effective. It can be found at: www.actuaries.org.uk/files/pdf/map/PCSV2-3.pdfIf you have any comments on the amendments please contact the secretary to the Professional Affairs Board, Michael Scott, at the Faculty address, email michael.scott@actuaries.org.uk, or tel 0131-240 1307.

PCS surveyIn September 2005 a survey was sent to 1,200 members of the profession – a random cross-section of each of six categories – active UK fellows, overseas fellows, retired fellows, students, associates, and affiliates – all categories of member to which the PCS apply.The purpose of the survey was to ascertain the extent of members’ awareness of the PCS and their perceived relevance. The results indicate that there is low awareness of the PCS across all of the membership categories. Key points that emerged:

  • 43% of fellows refer to the PCS less frequently than annually;
  • 87% of associates, affiliates, and students refer to the PCS either less than annually or never;
  • 57% of fellows consider the PCS to be only ‘sometimes relevant’ to them;
  • 82% of the respondents claim that they are very or quite confident that they are always in compliance with the PCS, despite the fact that 27% of them never refer to them and 40% refer to them less than annually;
  • 54% of the respondents think that the name PCS implies that it is only relevant to members during work.

All members, irrespective of whether they are a fellow, an associate, an affiliate, or a student, are reminded that the PCS apply to them at all times.

The full results of the survey can be seen at: www.actuaries.org.uk/files/pdf/professional_affairs/pcs_survey.pdf

Should you have any questions or comments, please contact Sarah Gander, tel 0131-240 1320, email sarah.gander@actuaries.org.uk.