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09

Members' reporting responsibilities clarified

Open-access content Thursday 1st September 2016 — updated 5.50pm, Wednesday 29th April 2020

Our profession expects the highest standards, and you are required to report any allegations of misconduct promptly.

Our profession expects the highest standards, and you are required to report any allegations of misconduct promptly.

The Disciplinary Board has been promoting awareness of the disciplinary process and members' responsibilities over the past 18 months. This article highlights to members their reporting responsibilities under the disciplinary scheme.

Why should I report?
The duty to report is common among professional regulators.
The IFoA's definition of misconduct within the disciplinary scheme ( bit.ly/2aYJAUK) applies at all times. This duty exists to ensure that the profession upholds the highest standards and reflects the integrity that the public expect of members of the IFoA.

What should I report?
Under the disciplinary scheme, members are required to disclose promptly to the IFoA any criminal conviction, adverse finding, judgment or disqualification order in civil proceedings.
They should also report any other matter that they believe may constitute misconduct. Members may be uncertain what is considered to be a criminal offence. If in doubt, contact the IFoA's disciplinary investigations team. As a general rule, if you have been convicted of a crime, then the matter is a criminal conviction and it should be reported to the IFoA.

What happens once I have reported?
Once you have reported the conviction or finding to the IFoA, we will consider whether the matter should be considered as a formal allegation of misconduct. The IFoA's general counsel and the chair of the pool of investigation actuaries will determine if the matter should be referred as an allegation.

What happens if the matter is referred as an allegation?
If the matter is referred, then it becomes an allegation of misconduct and is investigated in the same way as any other allegation. Information for those facing an allegation can be found on the disciplinary pages of the website, together with communication notes that outline the different stages of the disciplinary process.

What should I do if I am subject to court proceedings that have not yet concluded?
The Actuaries' Code states that members should report promptly any matter that appears to constitute misconduct. It is for the member to consider whether the facts and circumstances of the charge or civil proceedings could be misconduct, and, if so, members should report the matter to the IFoA. It may be appropriate for the IFoA to wait until the outcome of the court proceedings before determining whether the matter should be referred as an allegation. If there is any doubt, we encourage members to highlight the issue to the disciplinary investigations team at the earliest opportunity. A situation in which it would be appropriate to refer the matter to the IFoA would be where the circumstances of the court proceedings relate to dishonest or fraudulent behaviour.

If in any doubt, contact us
If members are unclear about any issue relating to criminal convictions or the disciplinary process, they should consult the IFoA disciplinary investigations team.
Email [email protected]
This article appeared in our September 2016 issue of The Actuary .
Click here to view this issue

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