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 feedback that there is strong support among members for the principles of belonging, fairness, respect, and to the building of 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 the Code.
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’.
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.
Members now have an eight-week period to highlight any significant objections to the changes to the Code and guidance. Members should contact regulation@actuaries.org.uk by 13 May 2025 should they have 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.