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Friday 3rd August 2012
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updated 5.13pm, Wednesday 29th April 2020
The requirements for the Profession might not be the Da Vinci Code but they are mine, says Matthew Welsh
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In case you have been living in a cave, up a mountain, haven't read a newspaper or watched the news for weeks on end and didn't know, it turns out the Olympics Games are in London this month. And, according to Section 5, subsection 2.3.1, paragraph 3 of the Pseudo-Journalists Code (PJC), I am required "in an article to always mention any major sporting event that is planned to occur in that month". So 'good luck' to all the British athletes and 'do your best, but not so well' to all the other athletes. And if you're planning to visit the capital to watch the Games, remember the golden rule of London life - when on an escalator on the Underground, queue on the right and walk on the left.
Having almost been caught out by the PJC, I decided it would be interesting to review my actuarial affiliation and ensure that I meet all the requirements. Now it may surprise you to learn that I view myself as professional and honest, so surely there is no real need to check out whether I am kosher. But without actually knowing what the requirements are, how can I say, hand on heart, that I am acting in the ways that the Profession requires of its members?
Where to start?
I guess a good first port of call would be the main Institute and Faculty website. So, I click on the handy link I have created and begin searching. Across the top, I skim past the usual headings and rest on one I have rarely given much thought to: regulation. The obvious link is to the Actuaries' Code. I faithfully download the PDF, and am surprised to find that it is only six pages long, two of those being the cover and the back cover.
There is a page 'welcoming' me to the Code and explaining that it applies to 'all actuaries'. So, I guess students are not subject to the Code. But, in the spirit of professionalism and preparing for life as a qualified actuary, I feel the need to check that I'll meet the standards required. It also explains that breaching the Code isn't necessarily misconduct. This will come as a welcome relief to anyone working on meeting the prescriptive criteria set out by
Solvency II requirements.
However, it does refer to 'misconduct' and the fact that the Code can be used as a reference guide to establish whether you have done anything naughty.
Page two of text sets out the application, scope, status and purpose for the Code. These sections are only a paragraph each, and basically confirm that any actuary should adhere to it at all times. Simples!
It all gets a bit more detailed in the final two pages. There are five sections that cover integrity, competence and care, impartiality, compliance and communication. But I am pleased to find that there are no real surprises in this. There is certainly a link to CA1, so anyone who has studied this will be familiar with the requirements.
Bedtime reading
Having read the Code, I can now sleep easy, and feel confident that I am following the principles the Profession requires. I guess, if I am being honest, reading the Code was not the most scintillating activity. However, it felt cathartic; it was a rite of passage that I can store - at least for a little while - and which allows me to confirm without too much doubt that I meet the standards required of me in my professional life.
And with that now read, I hope I never have to revisit the section entitled 'disciplinary procedures'.
In case you have been living in a cave, up a mountain, haven't read a newspaper or watched the news for weeks on end and didn't know, it turns out the Olympics Games are in London this month. And, according to Section 5, subsection 2.3.1, paragraph 3 of the Pseudo-Journalists Code (PJC), I am required "in an article to always mention any major sporting event that is planned to occur in that month". So 'good luck' to all the British athletes and 'do your best, but not so well' to all the other athletes. And if you're planning to visit the capital to watch the Games, remember the golden rule of London life - when on an escalator on the Underground, queue on the right and walk on the left.
Having almost been caught out by the PJC, I decided it would be interesting to review my actuarial affiliation and ensure that I meet all the requirements. Now it may surprise you to learn that I view myself as professional and honest, so surely there is no real need to check out whether I am kosher. But without actually knowing what the requirements are, how can I say, hand on heart, that I am acting in the ways that the Profession requires of its members?
Where to start?
I guess a good first port of call would be the main Institute and Faculty website. So, I click on the handy link I have created and begin searching. Across the top, I skim past the usual headings and rest on one I have rarely given much thought to: regulation. The obvious link is to the Actuaries' Code. I faithfully download the PDF, and am surprised to find that it is only six pages long, two of those being the cover and the back cover.
There is a page 'welcoming' me to the Code and explaining that it applies to 'all actuaries'. So, I guess students are not subject to the Code. But, in the spirit of professionalism and preparing for life as a qualified actuary, I feel the need to check that I'll meet the standards required. It also explains that breaching the Code isn't necessarily misconduct. This will come as a welcome relief to anyone working on meeting the prescriptive criteria set out by
Solvency II requirements.
However, it does refer to 'misconduct' and the fact that the Code can be used as a reference guide to establish whether you have done anything naughty.
Page two of text sets out the application, scope, status and purpose for the Code. These sections are only a paragraph each, and basically confirm that any actuary should adhere to it at all times. Simples!
It all gets a bit more detailed in the final two pages. There are five sections that cover integrity, competence and care, impartiality, compliance and communication. But I am pleased to find that there are no real surprises in this. There is certainly a link to CA1, so anyone who has studied this will be familiar with the requirements.
Bedtime reading
Having read the Code, I can now sleep easy, and feel confident that I am following the principles the Profession requires. I guess, if I am being honest, reading the Code was not the most scintillating activity. However, it felt cathartic; it was a rite of passage that I can store - at least for a little while - and which allows me to confirm without too much doubt that I meet the standards required of me in my professional life.
And with that now read, I hope I never have to revisit the section entitled 'disciplinary procedures'.
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