Version 3.2 of the Actuariesâ Code came into effect on 25 September 2025, accompanied by updated guidance to support members in applying the Code.
You can find information on version 3.2 of the Code and associated guidance, along with a summary of the consultation process that led to its introduction, below.
Revised Actuariesâ Code and guidance
Following an extensive consultation process with members, employers, and other stakeholders, a revised version of the Actuaries' Code and updated guidance came into effect on 25 September 2025:
The IFoA Regulatory Board introduced these changes as a reflection of a proportionate, consistent, targeted, accountable and transparent approach to regulation, seeking to strike the right balance between ensuring that all members of the profession feel included and protected, while also respecting the full range of member perspectives on diversity, equity and inclusion (DEI).
Consultation process
The IFoA Regulatory Board consulted on how to formalise DEI in the Actuariesâ Code in early 2023. After listening to consultation feedback, the Regulatory Board amended their proposed changes to the Code.âŻ
- Proposals for regulatory requirements on DEI, January 2023
- DEI and the Actuariesâ Code consultation feedback report published, July 2023
To better understand membersâ views around the then proposed Code changes, and their practical implications, the Regulatory Board undertook a further consultation on draft guidance to support proposed DEI changes to the Actuariesâ Code in 2024. âŻ
- DEI and the Actuariesâ Code engagement update, February 2024
- Proposals for publication of guidance on DEI, August 2024
Outcome of consultations
It was clear from feedback from both those consultations that there was strong support among members for the principles of belonging, fairness, respect, and to the building of a profession more representative of society. However, where opinions diverged was on how best to achieve this common goal and the extent to which this should be mandated through the Code.âŻ
Having considered all responses, the Regulatory Board decided to proceed with the changes to the Code, with the exception of a proposed change which would have required members âto encourage diversity, equity and inclusionâ.âŻ
Accordingly, the Code was amended to clarify the meaning of the existing requirement to show respect; to introduce a new requirement not to subject others to bullying, victimisation or harassment; and introduce a new requirement that members should speak up if they believe someone is being treated unfairly or excluded unreasonably. âŻ
The Code guidance was also amended to reflect the new Code requirements, rather than have stand-alone DEI guidance.
Final feedback period
Following the decision to proceed with only some of the proposed changes to the Code, the Regulatory Board undertook an eightâweek final feedback period in early 2025, where members, employers and other stakeholders could highlight any significant objections to the proposed changes to the Code and existing Code guidance.
- DEI guidance consultation feedback published
- Proposals for publication of guidance on DEI: feedback paper
The Regulatory Board carefully considered each of the objections raised during the final feedback period, ultimately concluded that none of the points raised amount to âfatal flawsâ, and therefore, no further revision of the proposed changes was made.
See the most recent version of the Actuariesâ Code
The most recent versions of the Code and associated guidance can be found on the Actuariesâ Code webpage: