The IFoA's regulatory framework is enforced, in the public interest, by an independent disciplinary process. This is used when a complaint is made about the conduct of an IFoA member.
Independent panels consider evidence and determine disciplinary cases relating to the conduct of a member of the IFoA. IFoA Boards and committees, including the IFoA Council, cannot influence this decision-making process.
The independence and integrity of this system is overseen by the IFoA Regulatory Board's Disciplinary Committee and by the UK's Financial Reporting Council. These oversight bodies ensure that the operation of the process follows natural justice and principles of good regulation.
“The actuarial profession safeguards a significant part of the global economy and so upholding actuarial standards really matters. The Disciplinary Scheme is the ultimate guarantor of those standards.”
Nicola Williams, Chair of the Disciplinary Committee