The Institute and Faculty of Actuaries (IFoA) has today published changes to its code of conduct for members following a substantive review and public consultation.
The revised Actuaries’ Code contains language designed to be clearer and more concise than the previous version, ensuring it is relevant to all members regardless of where they are based or their employer.
It is a simplified and more principles-based code, introducing words such as "must" and "should" to clarify members' obligations.
IFoA general counsel, Ben Kemp, said: "The changes to the code are reflective of the ongoing growth and diversification of our membership.
"They aim to ensure the Actuaries' Code is fit for the future, and underpins our members' commitment to, and reputation for, the highest standards of professionalism."
The revised code has six key principles, including:
Integrity - outlining how members must act honestly and with integrity
Competence and care - members must carry out work competently and with care
Impartiality - members must ensure that their professional judgement is not compromised, and cannot reasonably be seen to be compromised by bias, conflict of interest, or the undue influence of others
Compliance - members must comply with all relevant legal, regulatory and professional requirements
Speaking up - members should speak up if they believe, or have reasonable cause to believe, that a course of action is unethical or unlawful
Communication - members must communicate appropriately.
"The Actuaries' Code sets out the ethical principles all IFoA members are expected to observe to support the profession in acting in the public interest," Kemp added.