On Mar. 18, 2025, UK IFoA published the feedback report from its recent consultation on proposals for publication of guidance on diversity, equity and inclusion (DEI).
It was clear from the feedback received that there was strong support for the principles of belonging, fairness, respect, and to buildings a profession that is more representative of society, but opinions differed on how to achieve this goal.
And on the extent to which this should be mandated through IFoA professional code.
Having considered the comments received, Regulatory Board decided to proceed with the changes to the Code, with the exception of the proposed change that would have required members to encourage diversity, equity, and inclusion, due to practical issues.
While Board considers it is important that members should encourage DEI, considers now is not the right time to include the provision within the Code, so for the time being will consider how best to achieve the promotion of DEI outside the Code.
Code is therefore amended to clarify existing requirement to show respect; to introduce a new requirement not to subject others to bullying, victimization or harassment; new requirement to speak up if believe someone being treated unfairly.
Existing Code guidance will be amended to reflect these new Code requirements, rather than have stand-alone DEI guidance, aiming to reach workable solution.
Members now have an 8-week period to highlight any significant objections to the changes to the Code and guidance, which is included in the feedback report.
The closing date for submission of responses is May 13, 2025, assuming no significant issues are found with the proposals, changes to Code and revised Code Guidance will come into effect in Aug. 2025, IFoA will confirm before changes come into effect.
On Aug. 28, UK IFoA consulted on diversity, equity, inclusion guidance.
UK IFoA issued consultation on draft guidance (in plain and marked-up versions) to support proposed diversity equity and inclusion (DEI) changes to the Actuaries’ Code.
Background
Responses to May 2023 consultation on introducing DEI obligations, provided insights and concerns about proposals, and draft guidance has been amended to address these.
Include removing ‘behavior that may amount to’ and obligation to ‘treat others fairly’.
The guidance is intended to help members understand how to meet professional and regulatory DEI obligations, with examples of how requirements would apply in practise.
Next Steps & Effectiveness
UK IFoA will host webinars on Sep. 19 and Oct. 8 where members can ask questions.
Once closed, consultation feedback will be collated for IFoA regulatory board review.
Comments are invited until Oct. 29, 2024.
Jan. 30, 2025 Responses and Next Steps
On Jan. 30, 2025, UK IFoA issued code amendments and said respondents supported belonging, fairness, respect, and representation, but views varied on achieving this.
UK IFoA said it had therefore decided not to make proposed change to principle 1.2, which would have required members to encourage diversity, equity, and inclusion.
Rather, it will continue with general code changes to clarify existing principles/remove ambiguity, including technical clarification of the existing requirement for respect.
Plus: requirement not to subject others to bullying, victimization, harassment; members to speak up if they believe someone is being treated unfairly or excluded.
Will not create DEI guidance/will amend existing code to clarify general amendments.
UK IFoA will publish consultation report and amended code guidance in Mar. 2025, followed by a final 8-week feedback period, for members to feedback on any issues.
In Apr. 2025, there will be a webinar series to help members understand changes.
The new code and guidance are intended to come into force in Aug. 2025.
Mar. 18, 2025 DEI Guidance Consultation Feedback
On Mar. 18, 2025, UK IFoA published the feedback report from its recent consultation on proposals for publication of guidance on diversity, equity and inclusion (DEI).
It was clear from the feedback received that there was strong support for the principles of belonging, fairness, respect, and to buildings a profession that is more representative of society, but opinions differed on how to achieve this goal.
And on the extent to which this should be mandated through IFoA professional code.
Having considered the comments received, Regulatory Board decided to proceed with the changes to the Code, with the exception of the proposed change that would have required members to encourage diversity, equity, and inclusion, due to practical issues.
While Board considers it is important that members should encourage DEI, considers now is not the right time to include the provision within the Code, so for the time being will consider how best to achieve the promotion of DEI outside the Code.
Code is therefore amended to clarify existing requirement to show respect; to introduce a new requirement not to subject others to bullying, victimization or harassment; new requirement to speak up if believe someone being treated unfairly.
Existing Code guidance will be amended to reflect these new Code requirements, rather than have stand-alone DEI guidance, aiming to reach workable solution.
Members now have an 8-week period to highlight any significant objections to the changes to the Code and guidance, which is included in the feedback report.
The closing date for submission of responses is May 13, 2025, assuming no significant issues are found with the proposals, changes to Code and revised Code Guidance will come into effect in Aug. 2025, IFoA will confirm before changes come into effect.
