The Actuarial Profession has replaced its code of conduct with a new simpler version, setting out the professional and ethical standards that actuaries are expected to adhere to at all times.

The new Code, which sets out the expectations in clear, straight-forward terms, replaces the older, more complex standards, and has five key principles: Integrity; Competence and Care; Impartiality; Compliance; and Open Communication.

"The most valuable asset a profession has is the trust of the people it serves," commented Nigel Masters, president of the Institute of Actuaries. "By setting out the standards we expect from the members of our profession, we are strengthening the bond of trust which exists between actuaries and their clients."

Masters said the code represents an important element of the way the profession interacts with the wider world. "At a time when the public demand ever stronger guarantees of trust with the financial world, our new code offers just that."

Ronnie Bowie, president of the Faculty of Actuaries, believes the code demonstrates the profession's commitment to delivering the professionalism that clients demand and deserve, and the new chairman of the Profession's professional regulation committee, Sir Philip Mawer, added: "This is a string statement of the Actuarial Profession's intent to modernise and simplify its system of regulation to ensure that its members continue to be ready to meet the needs of today's business world."

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