SUP 4.5 Provisions applicable to 2all 2actuaries
Objectivity
Objectivity requires the actuary2 to perform his duties in such a manner that he can have an honest belief in his work and does not compromise the quality of his work or his judgment. An actuary2 should not allow himself to be placed in situations where he feels unable to make objective professional judgments.
22If the actuary2 is an employee of the firm, the ordinary incentives of employment, including profit-related pay, share options or other financial interests in the firm or any associate, give rise to a conflict of interest only where they are disproportionate, or exceptional, relative to those of other employees of equivalent seniority.
2The guidance and professional conduct standards in current issue from the Institute of Actuaries and the Faculty of Actuaries are relevant to compliance with SUP 4.5.1 R and SUP 4.5.3 R.
2Actuaries' statutory duty to report2
- (1)
Actuaries appointed under this chapter made by the Treasury under sections 342(5) and 343(5) of the Act (Information given by auditor or actuary to a regulator7). Section 343 and the regulations also apply to an actuary of an authorised person in his capacity as an actuary of a person with close links with the authorised person.4
7 - (2)
These regulations oblige actuaries to report certain matters to the appropriate regulator.7 Sections 342(3) and 343(3) of the Act provide that an actuary does not contravene any duty by giving information or expressing an opinion to the appropriate regulator,7 if he is acting in good faith and he reasonably believes that the information or opinion is relevant to any functions of the appropriate regulator.7 These provisions continue to have effect after the end of the actuary's term of appointment.
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Termination of term of office
SUP 4.5.9 R to SUP 4.5.11 G apply to a person who is or has been an actuary appointed under this chapter2.
2Rights and duties2
2Section 341 of the Act (Access to books etc.) provides that an actuary appointed under or as a result of the Act: