Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • May 2021
IFoA News
News

Adjudication panel: Mr Rohit Siqueira FIA

Open-access content Wednesday 5th May 2021

On 11 December 2020 the Adjudication Panel considered an allegation of misconduct against Mr Rohit Siqueira FIA (the respondent).

web_p6_Adjudication-panel_Mr-Rohit-Siqueira-FIA_credit_shutterstock_1256378359.png

It was alleged that that while appointed as the scheme actuary to a retirement benefits plan (the scheme): in the triennial actuarial valuations as at April 2015 and at April 2018, the value he placed on the scheme’s shareholding in employer related investments (ERIs) was significantly over-valued, causing the contributions deemed payable to the scheme to fund its substantial deficit to be understated. His actions were alleged to be in breach of the principles of competence and care and compliance in the Actuaries’ Code (the Code) and constituted misconduct in terms of Rule 4.2 of the Disciplinary and Capacity for Membership Schemes of the IFoA (effective 1 February 2018).

It was also alleged that the actuarial valuation basis used in the actuarial valuation as at 6 April 2018 was too low and at the weaker end of a range of reasonability, and weaker than that used in the FRS102 assessment of the liabilities of the principal employer. This allegedly being in breach of principles 1, 3 and the reliability objective as set out in TAS 100: Principles for Technical Actuarial Work (eff ective 1 July 2017). This was not found to be capable of proof and therefore there was no associated prima facie case of misconduct.

However, the panel did find evidence to support the primary allegation relating to the scheme’s shareholding in ERIs and the alleged breaches of the Code. The panel determined that the facts in relation to the primary allegation disclosed a prima facie case of misconduct.

In considering sanction the panel took into account all relevant information, including the respondent’s insight, remorse and remedial action and that there was no evidence of harm. It was satisfied that the appropriate and proportionate sanction in this case was a reprimand.

A full copy of the published determination can be found at bit.ly/3adykm5

Image credit | Shutterstock
ACT May21_Full LR.jpg
This article appeared in our May 2021 issue of The Actuary.
Click here to view this issue
Filed in:
IFoA News
Also filed in:
News

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Underwriting Risk Manager

London (Central)
£85K-£95K + Benefits
Reference
124386

Reserving Manager (Contract)

London (Central)
£1200 - £1400 per day
Reference
124385

Life Actuary - Contract - IFRS 17 Financial Impact

England, London / England, Bristol / North Yorkshire, England
£900 - £1150 per day
Reference
124384
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2022 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ