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Outcome of Actuaries’ Code DEI supporting guidance consultation

30 January 2025

The Regulatory Board has concluded its deliberations following the recent consultation with members on the draft guidance to support proposed Diversity Equity and Inclusion (DEI) changes to the Actuaries’ Code. When launching this consultation we encouraged members to share their opinions not only on the draft guidance, but on the amendments to the code itself. As a Regulatory Board, we committed to reconsidering all aspects of the proposed changes and being open to making alterations based on member feedback.

We would like to thank all members who participated in the consultation for their thoughtful contributions. What was clear from the feedback is that there is strong support across the IFoA membership for the principles of belonging, fairness, respect, and to building a profession that is more representative of the society we live in. Where opinions diverged was on how we achieve this common goal and the level to which this should be mandated through our professional code. Throughout the consultation we encountered the full spectrum of opinions, which we listened to and considered carefully.

After an extensive review of the feedback from this and previous consultations and through an ongoing open dialogue, the Regulatory Board has reached consensus and has made the following decisions:

  • We will not proceed with the proposed change to the code (principle 1.2) that would have required members to encourage diversity, equity, and inclusion.
  • We will continue with more general changes to the code that clarify existing principles and remove any ambiguity. This includes a technical clarification of the existing requirement to show respect; a requirement not to subject others to bullying, victimisation or harassment; and a requirement for members to speak up if they believe someone is being treated unfairly or excluded unreasonably. The wording for these amendments was included in the consultation and is available on the IFoA website.
  • We will not proceed with the proposed standalone DEI guidance and instead amend the existing code guidance to further clarify these more general amendments.

We believe that the revised approach with more limited changes to the code strikes the right balance between ensuring that all members of the profession feel included and protected, while also respecting the full range of perspectives on DEI. The Regulatory Board is fully committed to the organisation’s DEI strategy and will continue to work closely with the IFoA Board and Council to ensure that the agreed commitments are delivered.

We will publish the full consultation report, which will include a full summary of the feedback received, along with the amended code guidance in March. We will then enter a final eight-week feedback period where members will have the opportunity to highlight any “fatal flaws” in the code changes and accompanying guidance. During April, we will run a series of webinars where members can check their understanding of the changes and ask questions about their practical application. If no fatal flaws are found in the proposals, we will confirm this to members and the new code and guidance will come into force in August 2025.

We would like to take this opportunity to thank all those who took part in this important consultation. If you have any questions about the consultation, please contact our Regulatory Team.