18 March 2025
We have published the feedback report from our recent consultation on proposals for publication of guidance on diversity, equity and inclusion (DEI).
It was clear from the consultation feedback that there was 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 to achieve this common goal and the extent to which this should be mandated through our professional code.
You can read the consultation report, including a full summary of the feedback received, on our consultation feedback paper web page.
Having considered the detailed comments received, the Regulatory Board decided to proceed with the changes to the Code, with the exception of the proposed change that would have required members 'to encourage diversity, equity and inclusion'.
While the Board believes it is important that members should encourage DEI, Members raised several practical issues with embedding this in the Code and the Board concluded that now is not the right time to include this provision within the Code. For the time being, the Board will consider how best to achieve the promotion of DEI outside the Code.
Accordingly, the Code is amended to clarify the meaning of the existing requirement to show respect; to introduce a new requirement not to subject others to bullying, victimisation or harassment; and a new requirement that members should speak up if they believe someone is being treated unfairly or excluded unreasonably.
Existing code guidance will also be amended to reflect the new Code requirements, rather than have stand-alone DEI guidance.
The Board believes these more limited changes to the Code strike the right balance between ensuring that all members of the profession feel included and protected, while also respecting the full range of member perspectives on DEI.
Members now have an eight-week period to highlight any significant objections to the changes to the Code and guidance. You can review the Code changes and revised guidance on our consultation feedback paper web page, along with details of how to flag any significant objections.
Assuming no significant issues are found in the proposals, the changes to the Code and revised Code Guidance will come into effect in August 2025.
We will confirm to members that no significant issues have been found before the changes come into effect.