One of the privileges – and responsibilities – afforded to the actuarial profession is that of self-regulation. Member discipline is a key element of any such self-regulatory regime.
In the Institute’s case, the Disciplinary Scheme is contained, for legal reasons, in a Schedule to the Constitution of the Institute. An important feature of the Scheme is its degree of independence from the general governance arrangements of the Institute. To the greatest extent possible, there is a separation of powers between the functional components of the Scheme and the Institute’s Council. This independence helps to ensure fairness and impartiality in the operation of the Scheme, as well as minimise potential conflicts of interest.