On 21 November 2016, the adjudication panel considered an allegation of misconduct against Mr Pieter Hansen, FIA (the respondent) concerning the preparation of a report...
Mr Pieter Hansen, FIA
On 21 November 2016, the adjudication panel considered an allegation of misconduct against Mr Pieter Hansen, FIA (the respondent) concerning the preparation of a report for the recalculation of the benefit entitlements of former members of the National Bank of Kenya Pensions Limited Staff Benefits Retirement Scheme. The calculations and schedule of figures were prepared by the respondent on the basis of a summary of the trust deed and rules provided by the instructing solicitors and were not checked against the principal trust deed and rules.
The panel found that the totality of the respondent's shortcomings in preparing and signing a report based on incomplete information fell below the standards of competence and professional judgment that other members or the public might reasonably expect of him.
Accordingly, the panel invited the respondent to accept misconduct and the following sanctions:
- a reprimand; and
- a £5,000 fine.
In considering whether to impose a sanction, the panel took into account that the membership of the respondent had since lapsed but that on balance it considered that the public interest - particularly in maintaining the reputation of the profession and declaring and upholding the standards of conduct and competence expected of an IFoA member - would be appropriately served by inviting the respondent to accept a finding of misconduct and the sanction noted above.
The panel's full determination, including reasons for its decision, can be found on the IFoA website: bit.ly/1OgDqKy
Mr Munisamy Poopalanathan, AIA
On 16 January 2017, Mr Munisamy Poopalanathan, AIA (the respondent) faced an allegation of misconduct concerning his competence in preparing actuarial reports and determination of liabilities (actuarial valuations) for an insurance company for whom the respondent was the appointed actuary.
The panel considered that in failing to give adequate consideration in his 2013 valuation report to the interests of participating (with-profits) policyholders, his actions had fallen short of Recommended Guidance Note 5: "The prudential supervision outside the UK of long term insurance business"(GN5) and, as such, capable of amounting to a failure by the member to comply with the standards of competence and professional judgment that other members or the public might reasonably expect of him.
The panel determined that a prima facie case of misconduct had been made out and invited the respondent to accept the following sanctions:
- a reprimand; and
- a fine in the amount of £1,000.
The panel's full determination, including reasons for its decision, can be found on the IFoA website: bit.ly/1OgDqKy