Edwin Sheaf, member of the IFoA Regulatory Board, encourages members to have their say in our consultation on incorporating DEI values into the Actuaries’ Code.
I don’t think many people would argue with the sentiment that everyone should be treated equally and have the same rights and opportunities. That value applies to whoever they are irrespective of gender, racial background, sexual orientation, religious belief, or any other personal characteristics.
Certainly, the IFoA believes this, and has set out plans to get there in its Diversity, Equity and Inclusion (DEI) strategy. To ensure our professional standards and guidance set high expectations of personal behaviour and protect the reputation of the profession, the Regulatory Board is keen to enshrine these sentiments in our regulatory framework.
That’s why we have launched a consultation on amending the Actuaries’ Code to explicitly embed these principles. We think that the Code is the right place to do this because it is central to our regulatory framework. It also applies equally to all members of the IFoA, be they Fellows, Associates, Certified Actuarial Analysts, students, or anyone else.
Well, of course we think that. If we didn’t, we wouldn’t have launched the consultation in the first place! But the IFoA is a member-centric organisation and what’s important is not what we on the Regulatory Board believe but your views as members. That’s why we are keen to hear from you during the consultation window which runs until 15 April 2023.
We very much hope that you will agree with our proposed changes to the Code. But, even if you don’t, we would far rather hear from you than have you stay silent. Only by telling us what you think can we ensure that we are regulating the profession in the way that you, our members, want.
The more of you who provide feedback, the more confident we can be that any changes to the Code are genuinely aligned to the views and wishes of IFoA members. And this is not just an issue for members based in the UK. We have members all over the globe, including in countries where legislation takes a different view on certain aspects of DEI from that taken by UK legislation. Given that the Code applies equally to all IFoA members, irrespective of where they are based, we are particularly keen to hear from people living outside the UK.
So please get in touch. We would love to hear from members, employers, relevant regulatory bodies, and anyone else with an interest in the regulation of the actuarial profession.
Participating in the process is easy. You can view the proposals and give your feedback by visiting our current consultations web page. There, as well as details of what is proposed, you will find a Q&A to answer questions you may have about these proposals and their impact.
There are two questionnaires for responses: one if you are responding as an individual and another if you are responding on behalf of your organisation.
You can also register for the consultation webinar we are holding on 29 March. There we will explain the detail of the board’s proposals and provide an opportunity for you to give your feedback.
Following the end of the consultation process on 15 April, the Regulatory Board will review all submissions and make a final decision on any changes to the Code. If you’d like the opportunity to influence that decision, now is the time to get in touch with us.
Larry J Sabato said: “Every election is determined by the people who show up”. Or, as another well-known quote says: “If you don’t vote, you lose the right to complain”. So please participate in the process now, whilst you have the chance.
You can take part in the consultation here.
You can find out more about the proposed changes and ask any questions you might have at our 29 March webinar. You can book your place here.
