05/10/2022

Use your vote to protect the trust in our profession

Ian Farr JP FFA, Chair of the Disciplinary Scheme Review Working Party, explains the proposed changes and why it is so important for members to vote.

Why is it important that you should vote?

The Disciplinary Scheme has been significantly updated and improved – as explained below. The changes have been approved by the Disciplinary Committee, Regulatory Board and Council, in each case unanimously. The Financial Reporting Council, which provides oversight to our disciplinary process, has been kept fully informed.

But before the effectively new scheme can be implemented, the Constitution of the IFoA requires that a vote be taken of members, the result being determined by a simple majority of those members who are entitled to vote and who have voted.

So why should you bother to vote? Because our profession has always demanded high standards and integrity from its members – which recent evidence has confirmed is a source of pride to actuaries. The Disciplinary Scheme is the guardian which ensures that they are upheld and that the public is protected.

Why has the Disciplinary Scheme been reviewed?

With the passage of time – our changing membership demographic, the changing regulatory landscape, and the experience gained from operating the scheme – it was decided that a review was appropriate. As part of the process, the scheme was benchmarked against disciplinary schemes for comparable professions.

What are the key proposed changes to the Disciplinary Scheme?

A shorter and clearer definition of misconduct
A filter process so that complaints without substance can be dismissed quickly, but subject to proper oversight and the right of a complainant to seek a review
Disciplinary Orders for low level straightforward cases where the actuary is prepared to admit misconduct at the outset
The right of the IFoA to seek a review or appeal in the public interest, subject to grounds which ensure the independence of the whole process
The reconstruction of the Rules and Regulations – which will make it more efficient and quicker to make the inevitable future changes which will be required from time to time but maintaining an appropriate level of oversight when doing so
The rewriting of the Rules and Regulations: written in many parts in clearer English than previously, they are designed to allow users to dip in and out easily when seeking the answer to a question or looking for guidance on their role to bring a case efficiently to an appropriate and timely conclusion
Extending the existing process to recover a contribution to costs – which is proportionate and appropriate – from all members who are guilty of misconduct
The provisions of the separate Capacity for Membership Scheme being transferred into the Disciplinary Scheme which has allowed some simplification now being within the scheme.

In addition, there are very many other changes which result in material improvements in all sorts of ways.

What will be the impact of the changes to members, the profession, and the public?

Speedier outcomes, particularly for cases which are dismissed or are low level and straightforward
Fewer panel hearings
More operational efficiency and more cost effective processing of cases
Better and more appropriate use of actuarial resources, for example less use of Investigation Actuaries
More concentration of resources on serious cases
Easier for members and the public to access what the scheme is about and how it works through online access to the Rules and Regulations with easy cross-referencing.

To sum up, members can be assured that they will have a Disciplinary Scheme which is more cost effective than before, completely up to date with the ability to make future changes quickly, providing speedier justice and continuing to protect the reputation of the profession and protect the public.

I A Farr
22 August 2022

Cast your vote

Voting opens on 27 September and closes on 25 October.

All voting IFoA members will have received an email this month to our online ballot for a revised Disciplinary Scheme. The proposed new scheme is intended to be clearer and easier to follow, enabling members involved to readily understand their obligations and the options available to them.

So, watch your inbox from UK Engage to cast your vote and have your say. If you did not receive an email, or if you have any questions about the votes, please contact the IFoA Corporate Secretary at disciplinary.scheme@actuaries.org.uk.

FAQs

Our Frequently Asked Questions are being updated during the period of the member vote to respond to comments and questions received about the revised Disciplinary Scheme. If you have any queries that are not addressed in the FAQs, please contact disciplinary.scheme@actuaries.org.uk.