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Cast your vote for a renewed disciplinary scheme

This month, all voting Institute and Faculty of Actuaries (IFoA) members will receive an email to our online ballot for a revised Disciplinary Scheme.

The proposed new scheme is intended to be clearer and easier to follow, enabling members involved to readily understand their obligations and the options available to them.

There are several new measures that have been proposed, allowing greater flexibility in how conduct issues are addressed without compromising the integrity of the process. These include:

  • A shorter and clearer definition of misconduct
  • A filter process so that complaints without substance will not need a full investigation
  • The introduction of Disciplinary Orders for low-level straightforward cases where the member admits misconduct at the outset
  • The right of the IFoA to seek a review or appeal in the public interest
  • Extending the existing process to recover costs from members who have committed misconduct.

It is proposed that the new Disciplinary Scheme will be supported by more detailed regulations containing the operational processes and procedures. This will allow greater flexibility and will ensure the IFoA’s disciplinary processes remain agile and able to adapt to changes in best practice. Whilst it is only a small portion of the membership likely to be involved in the disciplinary proceeding it is still vital to give their input.

Members will be invited to review the proposals and vote on the new Disciplinary Scheme when the vote launches, and we strongly encourage you all to do so.

IFoA President Matt Saker said:

‘‘I strongly believe that the proposals we are asking members to vote on represent a significant improvement and a real shift to a more modern, progressive, agile, and efficient disciplinary process. For example, the revised Scheme is clearer and easier to follow and allows members to better understand their role in the disciplinary process and the options available to them.

‘‘There are also a number of new measures to be introduced which will allow greater flexibility for maintaining the integrity of the disciplinary process. Enforcement of the IFoA standards plays an important role in ensuring the public continues to place trust in actuaries. It is, therefore, vital for every member to read the proposals and exercise their right to vote. So as IFoA president I very much encourage you to do so.’’

Fellows and Associates should have received an email from UK Engage on 27 September with an invitation to vote. If you have any questions about the proposals or the vote, please contact us.

Voting closes at midday (British Summer Time), Tuesday 25 October.