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 2019
05

Revised Actuaries' Code and Guidance comes into force

Open-access content Wednesday 8th May 2019 — updated 5.50pm, Wednesday 29th April 2020

This month the revised Actuaries’ Code comes into force.

ta

Since the Code first came into effect in 2008, the actuarial profession has moved into more diverse fields and the number of members working outside the UK has increased. 

To make sure the Code remains relevant and appropriate for the profession today, we have reviewed and updated it.  

Why is the Code important? 

The Actuaries' Code is the ethical code of conduct for IFoA members. It is designed to support members in adhering to high standards of professional and personal conduct, while protecting the public interest and assuring trust in the profession.   

The Code sets out six principles that IFoA members must abide by: 

  •  Integrity
  •  Competence and care
  •  Impartiality
  •  Compliance
  •  Speaking up
  •  Communication. 

 

Each principle has a number of amplifications that give examples of the behaviour expected. You can find further details and guidance at here. 

The Code applies to all members, in their capacity as an actuary and when their behaviour in their personal lives could reflect on the profession. 

Changes to the Code 

The revised Code has simplified language. The words 'must' and 'should' are used to clearly demonstrate the nature of obligations under the Code. 'Must' denotes a mandatory requirement. 'Should' indicates a requirement that members are expected to follow but in some circumstances non-compliance will be justifiable. 

The requirement to speak up has been redrafted as a standalone principle reflecting how important it is for members to voice concerns. It asks that members "speak up if they believe, or have reasonable cause to believe, that a course of action is unethical or is unlawful". 

The requirement to speak up is much broader than the traditional concept of whistleblowing. Members are expected to raise issues with clients, peers and colleagues, as well as report serious concerns through the appropriate channels in their workplace or to the relevant regulator or body.

Guidance

To support members in understanding the obligations and applying the Code in practice, the IFoA has produced Guidance to the Code. It provides more information on each of the principles and has helpful pointers for members, employers and users of actuarial work. 

The Guidance draws on several other IFoA Guides such as the Conflicts of Interest Guide, which has also been revised and updated.

The Guidance has been published online as a dynamic, interactive tool for members. The IFoA hopes this will make the document easy to access and navigate, and ultimately easier to digest. The Revised Code and Guidance are now available on the IFoA's website.

If members have any questions on the Code or require further support on any other issue, they are welcome to contact the IFoA through the Professional Support Service or by email at [email protected]

This article appeared in our May 2019 issue of The Actuary .
Click here to view this issue

You may also be interested in...

ta

Professional skills webinar

What do we mean by ‘speaking up’ and ‘whistleblowing’? Is there a difference?
Wednesday 8th May 2019
Open-access content
marathon

Marathon in memory

Regular charity runner Charles Cowling recently completed one of the world’s six marathon majors, Tokyo, with son and actuarial student Tom.
Wednesday 8th May 2019
Open-access content
ta

May births & deaths

It is with great regret that we announce the death of the following members. We offer our condolences to their families and colleagues.
Wednesday 8th May 2019
Open-access content
2

Loyalty doesn't pay in motor insurance

Half of motorists think it should be unlawful for insurers to charge existing customers more than new customers for the same cover.
Wednesday 1st May 2019
Open-access content

IFoA member survey

We would like to thank all members who took part in our online Member Survey in November 2018.
Wednesday 8th May 2019
Open-access content

2018/2019 CPD year ends 30 June 2019

A reminder to all members in categories 2-6 that the continual professional development (CPD) reporting year will end on 30 June 2019.
Wednesday 8th May 2019
Open-access content

Latest from General Insurance

td

Brain power

The latest microchips mimic cerebral function. Smaller, faster and more efficient than their predecessors, they have the potential to save lives and help insurers, argues Amarnath Suggu
Wednesday 1st March 2023
Open-access content
bl

'Takaful' models of Islamic insurance

Ethical, varied and a growing market – ‘takaful’ Islamic insurance is worth knowing about, wherever you’re from and whatever your beliefs, says Ali Asghar Bhuriwala
Wednesday 1st February 2023
Open-access content
il

When 'human' isn't female

It was only last year that the first anatomically correct female crash test dummy was created. With so much data still based on the male perspective, are we truly meeting all consumer needs? Adél Drew discusses her thoughts, based on the book Invisible Women by Caroline Criado Perez
Wednesday 1st February 2023
Open-access content

Latest from May 2019

2

Significant rise in support for TCFD recorded

The number of companies and organisations supporting the Task Force on Climate-related Financial Disclosures (TCFD) has risen by more than half since last September.
Friday 7th June 2019
Open-access content
2

Financial services stand to gain most from low-carbon transition

The financial sector is set to gain most from creating new sustainable products and services in response to climate change, a groundbreaking international study has revealed.
Tuesday 4th June 2019
Open-access content

Pension industry told to grasp responsible investment opportunity

The majority of private investors are now interested in environmental, social and governance (ESG) factors, and many think these are more important than returns.
Friday 31st May 2019
Open-access content

Latest from no_opening_image

TPR publishes coronavirus guidance

The Pensions Regulator (TPR) has published guidance to help UK pension trustees, employers and administrators deal with the financial and regulatory risks posed by coronavirus.
Monday 23rd March 2020
Open-access content
web_p24_cat-and-fish_iStock-483454069.png

Sensitivity analysis: swimming lessons

Silvana Pesenti, Alberto Bettini, Pietro Millossovich and Andreas Tsanakas present their alternative approach to sensitivity analysis
Wednesday 4th March 2020
Open-access content
ta

IFoA adjudication panel: Mr Jack Wicks, student

On 30 October 2019 the Adjudication Panel considered an allegation of misconduct against Mr Jack Wicks (the respondent).
Friday 28th February 2020
Open-access content

Latest from inline_local_link

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from 05

2

Significant rise in support for TCFD recorded

The number of companies and organisations supporting the Task Force on Climate-related Financial Disclosures (TCFD) has risen by more than half since last September.
Friday 7th June 2019
Open-access content
2

Financial services stand to gain most from low-carbon transition

The financial sector is set to gain most from creating new sustainable products and services in response to climate change, a groundbreaking international study has revealed.
Tuesday 4th June 2019
Open-access content

Pension industry told to grasp responsible investment opportunity

The majority of private investors are now interested in environmental, social and governance (ESG) factors, and many think these are more important than returns.
Friday 31st May 2019
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Reinsurance Pricing, Bermuda - World-leading Reinsurer

Bermuda (BM)
Outstanding package in a low tax environment
Reference
148937

Senior P&C Consultant (Non-life) – Bermuda Consultancy

Up to $130,000
Reference
148925

P&C Manager (Non-life) - Cayman Islands

Up to $190,000
Reference
148924
See all jobs »
 
 
 
 

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