The revised Actuaries Code will come into force on 18 May 2019.
The revised version was developed following a substantive review by the Actuaries' Code Review Working Party and public consultation. Since the publication of the revised Code
in May 2018, we have been making preparations to support our members through the transition.
The Actuaries Code
The Actuaries Code is the Code of Conduct that sets out the ethical standards all IFoA members have to adhere to.
The revised Code sets out six principles that IFoA members have to follow in their professional lives and in their personal lives, where their actions can have a bearing on the profession.
The revised Code:
- Is simplified and more principles-based
- Uses updated language to ensure it remains relevant to all members, wherever they are based and regardless of their employer
- Aims to clarify members' obligations using the words 'must' and 'should'
- Introduces a new stand-alone 'Speaking up' principle.
The principles are supported by amplifications, which are examples of behaviours expected under the principles.
Support and resources
We have produced guidance to support members in understanding their obligations and applying the Code in practice. These will be published online in the spring to give members time to familiarise themselves with the revised Code and ask any questions before it comes into force.
A review has also been carried out of much of the material produced by the IFoA that draws on the Code. In particular, the Whistleblowing and Conflicts of Interest Guides have been revised and will take effect at the same time as the guidance to the Code.
Members can prepare for the transition to the revised Actuaries' Code on 18 May 2019 by reviewing their own policies and guidance that might draw on the principles of the Code, to ensure it complies with the revised Code.
More information about the revised Code can be found at on the IFoA website. You can also email any questions to [email protected]