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The Actuaries' Code Principle 2 - Competence and Care

Please note that the information contained on this page relates to one of the principles of the revised Actuaries' Code. The revised Code will come into force on 18 May 2019. The existing Actuaries' Code will continue to apply until then.
Principle 2 - Competence and Care

2. Members must carry out work competently and with care.

2.1 Members must ensure they have an appropriate level of relevant knowledge and skill to carry out a piece of work.

2.2 Members must continue to develop their knowledge and skills in a manner appropriate for their role and comply with the Institute and Faculty of Actuaries' Continuing Professional Development (CPD) requirements. 

2.3 Members must ensure their work is appropriate to the needs and, where applicable, instructions of user(s). 

2.4 Members must consider whether input from other professionals or specialists is necessary to assure the relevance and quality of work and, where necessary, either seek it themselves or advise the user to do so, as appropriate. 

The IFoA is developing non-mandatory Guidance to accompany the revised Code, which will include material on competence and care. The final version of the Guidance will be published by early Spring 2019.

In the meantime, you can access the IFoA's exisiting suite of non-mandatory guidance

Read the revised Actuaries' Code

Contact Details

For further information contact:

Regulation Team, The Institute and Faculty of Actuaries, Level 2, Exchange Crescent, 7 Conference Square, Edinburgh, EH3 8RA