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The Actuary The magazine of the Institute & Faculty of Actuaries
Monday 06 April 2020

IFoA: Actuaries’ Code changes in force


The changes to the Actuaries’ Code highlighted in the September edition came into force on 1 October 2013 and the new version of the Code is now published on the IFoA website. The changes are aimed at ensuring the code remains relevant to the profession and reflects any changes to the regulatory landscape.

Following a consultation with members and stakeholders, the Regulation Board has approved the following changes. 

(1) the code be amended to reflect the merged body of the IFoA and the replacement of the Board for Actuarial Standards with the FRC; 

(2) Honorary Fellows be brought within the scope of the Code; 

(3) impartiality provisions be amended to reflect the Conflicts of Interest Guidance published by the IFoA; and

(4) provisions to reflect the requirement of the International Actuarial Association’s ethical code in relation to actuaries accepting responsibility for their own work be introduced.

To assist your understanding of the Code and, in particular, the effect of the new changes, a number of resource materials will be added to the regulation section of the IFoA’s website.

If you have any questions about the effect of the changes, or your obligations under the Code in general, you may wish to submit your query to the professional support service via the portal on the IFoA’s website (tinyurl.com/pz7pa4v).