The Actuarial Profession has launched a code of conduct covering all its members.
It sets out the professional and ethical standards that actuaries are expected to adhere to at all times.
It replaces an earlier, much more complex set of standards, and is intended as the cornerstone of a quality framework for the profession for the 21st century.
The code has five key principles:
· Integrity - acting honestly and with the highest standards of integrity
· Competence and care - performing professional duties competently and with care
· Impartiality - not allowing bias, conflict of interest or the undue influence of others to override professional judgement
· Compliance - with all relevant legal, regulatory and professional requirements; taking reasonable steps to avoid being placed in a situation of non-compliance; and challenging non-compliance by others
· Open communication - communicating effectively and meeting all applicable reporting standards.
Nigel Masters, President of the Institute of Actuaries, said:
"The most valuable asset a profession has is the trust of the people it serves. By setting out the standards we expect from the members of our profession, we are strengthening the bond of trust which exists between actuaries and their clients."
