IFoA Disciplinary Board member Jim Webber takes a look back over the IFoA Disciplinary and Capacity for Membership Schemes in 2018. More detail is available in the Disciplinary Board’s Annual Report.
New Capacity for Membership Scheme
Last year marked a major change in our disciplinary process with the introduction of the Capacity for Membership Scheme on 1 February 2018.
The Capacity for Membership Scheme recognises that, where health is and continues to be a factor in alleged misconduct an alternative process is appropriate. This new approach ensures a fair outcome for a member accused of misconduct, while providing the panel hearing the case with additional options to protect the public interest and safeguard the reputation of the profession.
The first two allegations - relating to one actuary - under the Capacity for Membership Scheme were considered in November 2018.
Cases considered under the Disciplinary Scheme in 2018
There were 17 cases of alleged misconduct referred to the Disciplinary Scheme in 2018.
Allegations against IFoA members received between 1 January 2014 and 31 December 2018
Download a copy of the findings or view it below:
The small number of referrals may be a reflection of the high professional standards that actuaries are committed to adhering to, set out in the Actuaries’ Code. However, it may also reflect underreporting of cases of potential misconduct by members. The Disciplinary Board would welcome your views on possible under reporting of potential misconduct and ideas for increasing awareness of the Disciplinary Scheme.
Cases heard at Adjudication Panels in 2018
In 2018 a total of twelve cases of alleged misconduct were heard by Adjudication Panels. Two cases were dismissed and in ten cases invitations to accept a finding of misconduct and a sanction were made. In eight of these cases the invitations were accepted by the respondent. However, in one case the respondent did not accept the finding and in another case there was no response from the member, resulting in the referral of both cases to the Disciplinary Tribunal Panel.
As with all cases where this a finding of misconduct, the determinations are reported in The Actuary magazine, the IFoA website and on the member’s publically accessible online record.
Disciplinary Tribunal Panel cases in 2018
The IFoA Disciplinary Tribunal Panel completed a complex case in 2018, relating to work carried out for an overseas regulator. The panel agreed that misconduct had arisen as the actuary had not applied the correct standards and had gone beyond the scope of his instructions. This demonstrates the IFoA’s commitment to enforcing standards wherever in the world our members are located.
The Disciplinary Board is committed to ensuring the Disciplinary Scheme is operating effectively and last year agreed to set up a Determinations Review Sub-Committee to review the clarity of all written determinations.
Looking forward to 2019
The focus for the Disciplinary Board in 2019 will be a substantive review of the Disciplinary and Capacity for Membership Schemes (the Scheme). The Board will set up a Working Party to examine the current Scheme to ensure it remains fit for purpose. The Board will provide strategic input throughout the Scheme Review and will report on progress in our 2019 Annual Report,
As always, we keen to hear from both members and the public, particularly users of actuarial services and/or the disciplinary process. Please contact the Disciplinary Board at Disciplinary.Board@actuaries.org.uk with your comments and feedback.