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 2017
05

Adjudication panel hearings: Pieter Hansen FIA; Munisamy Poopalanathan AIA

Open-access content Tuesday 9th May 2017 — updated 5.50pm, Wednesday 29th April 2020

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

 

This article appeared in our May 2017 issue of The Actuary.
Click here to view this issue
Filed in
05

You might also like...

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

Latest Jobs

Deputy Head of Capital Modelling

London (Central)
£110000 - £130000 per annum
Reference
144789

Head of Analytics (Actuarial)

London (Central)
£130000 - £165000 per annum
Reference
144788

Pensions Actuarial Analyst - GMP Equalisation

London (Central)
£ dependent upon experience
Reference
143745
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

© 2023 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