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The Actuary The magazine of the Institute & Faculty of Actuaries

Shaping the code


The IFoA’s members are increasingly diversifying into new geographies and work areas, and this brings with it fresh challenges in terms of how we carry out our regulatory role. With around half the IFoA’s membership, and 80% of new students, now based outside the UK, these challenges are only going to increase.

Derek Cribb

Following a period of consultation, we recently published changes to our Actuaries’ Code, the ethical code of conduct that applies to all members. The changes are reflective of this continuing growth and diversification of our membership, and aim to ensure that we have in place an Actuaries’ Code that is fit for the future, for all our members. 

The Code is fundamental in helping to achieve and maintain the professionalism and reputation of our members, and underpins our ongoing commitment as a regulator to quality actuarial work.

The updated Code takes a more simplified, principles-based approach, ensuring that it is relevant to all our members, whoever they are and wherever they work. We have clarified what we expect from our members, for example differentiating between the ‘must’ and ‘should’ elements of the Code. Additionally, we have made it clear that the Code applies not just to our members’ conduct in their professional work, but to any conduct which could reasonably be considered to reflect upon the profession.

The new Code will take effect in May 2019. Ahead of this, I would encourage all members to familiarise themselves with the content of the Code. And I would like to thank the Actuaries’ Code Review Working Party, and everyone who took the time to respond to the consultation, for helping to shape a Code that’s fit for our future. 

Please see the article on more details about the changes to the Actuaries’ Code.

Derek Cribb is the chief executive of the Institute and Faculty of Actuaries