On 9 July 2018, the Adjudication Panel considered an allegation of misconduct against Mr Hinal Sagoon Patel FIA (the Respondent).
Specifically, it was alleged that from 25 November 2016 until 9 February 2018, the Respondent acted as chief actuary to an insurance company without holding the relevant Practising Certificate. It was alleged that his actions constituted a breach of Bye-Law 40 of the Bye-Laws of the Institute and Faculty of Actuaries ('IFoA'); a breach of the requirement of paragraph 3.1 of Actuarial
Professional Standard G1 ('APS G1'); a breach of the requirement of paragraph 1.1 of the Institute and Faculty of Actuaries' Practising Certificate Scheme (2016/17 and 2017/18); and a breach of compliance principle 4 of the Actuaries' Code ('the Code').
During a review in 2017, the IFoA became aware that, despite being named as chief actuary to an insurance company regulated by the Prudential Regulation Authority, the Respondent did not have a Practising Certificate. As a chief actuary he was required to have a Practising Certificate under paragraph 3.1 of APS G1.
When this was brought to his attention in January 2018, the Respondent explained that this was an oversight, for which he apologised, and he applied for a Practising Certificate, which was granted on 9 February 2018.
The Panel agreed that, by not applying for or holding a Practising Certificate until early 2018, Mr Patel was in breach of the above requirements at the material time.
The Panel determined that there was a prima facie case of misconduct and it imposed the following sanctions:
- a reprimand; and
- a £7,000 fine.
In reaching its decision on the sanctions, the Panel had regard to the senior position and responsibilities of the role of a chief actuary that the Respondent was undertaking and the need to protect the public, including investors, and maintain public confidence in the reputation of the profession. The requirement to comply with professional standards, which are designed to demonstrate appropriate skills and ability to undertake such a role, is an important part of the privileged position of holding a reserved appointment as a member of a professional body.
A copy of the Panel's full determination, including reasons for its decision, can be found on the IFoA's website here.