Professional Conduct

Before August 1984, when the ASSA Council adopted the Memorandum on Professional Conduct issued by the Institute of Actuaries in June, 1984, the professional conduct of members was subject to the previous memorandum issued by the Institute. That Code placed substantial emphasis on whether a member gave direct or indirect advice. In 1986, Council issued the "Guide to Professional Conduct". The "Guide" applied equally to all members, and its emphasis rather was on the quality of the advice given by a member, and was accompanied by "Notes Issued by Council to Assist Members in Interpreting the Society's Guide to Professional Conduct". The "Guide" and "Notes" were reviewed by the ASSA Professional Development Committee in 2003. The result was the replacement of the "Guide" and the "Notes" by the "Professional Conduct Standards, South Africa" or "PCSSA", as in the document linked to this page.

A new version of the UK Professional Conduct Standard (PCS) has been placed on the UK actuarial profession’s website. PCS v2.1 will be effective from the 17th of March 2004 and can be found at the bottom of this page.

This new version of the PCS contains a small amendment to paragraph 4.3 to reflect the profession’s new Disciplinary Schemes. A more general cross-reference to the Schemes and the definition of misconduct has been introduced to reduce the need for future updates to the PCS.

If you have any comments on the amendment please contact the Secretary to the Professional Affairs Board, Michael Scott. He can be contacted at the Faculty, telephone 0131 240 1307 or e-mail michaels@actuaries.org.uk

Copies of the amended PCS are not being sent to those members and students who usually receive hard copies of MAP updates as a further amendment to the PCS is in the process of being finalised and version 2.2 shall be issued shortly. Should you wish to be sent a hard copy of the PCS, please advise Michael Scott who will make the necessary arrangements.